Superannuation Act 1916

There shall, for the purposes of this Act, continue to be a fund to be known as the State Superannuation Fund.

STC is responsible for maintaining and managing the Fund.

STC must ensure that there are paid into the Fund—

contributions or payments made by employers and employees, and

income derived from investment of the Fund, and any profit made from realising any investment of the Fund’s assets, and

money borrowed for the purposes of the Fund, and

fees paid to STC arising under the family law superannuation legislation or Part 4A, and

any other amounts properly payable to the Fund.

STC must ensure that there are paid from the Fund—

the administration costs incurred by STC in relation to the administration of the Fund, including administration costs arising under the family law superannuation legislation or Part 4A, and

the amount of any benefit payable under this Act, and

amounts in repayment of money borrowed for the purposes of the Fund, and

amounts payable by STC and arising under the family law superannuation legislation or Part 4A, and

such amounts as are necessary to satisfy any liability of the Fund with respect to tax payable under a Commonwealth taxation law or an amount of superannuation contributions surcharge payable by the Fund, and

any other amounts that are properly payable from the Fund.

If a loss is incurred in realising any investment forming part of the assets of the Fund, the Fund is accordingly reduced by the amount of that loss.