Adjustment of employer reserves to take into account death and disability payments
16A Adjustment of employer reserves to take into account death and disability payments
STC may obtain actuarial advice on or after 1 July in each year as to the appropriate adjustment to employer reserves in the Fund to achieve an equitable pooling of liability for payment of employer contributions to death and disability benefits among all employers in respect of the preceding financial year.
STC may adjust the amount currently standing to the credit or debit of an employer’s reserve in the Fund in accordance with actuarial advice obtained under this section.
STC may adjust an employer reserve under this section despite any other provision of this Act.
In this section—
death benefit means a benefit payable under this Act on the death of a contributor or former contributor.
disability benefit means a benefit payable under this Act on the ground of permanent mental or physical incapacity or infirmity of body or mind of a contributor or former contributor.
This Act’s bill:Explanatory memorandum
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