Superannuation Act 1916

STC must establish and maintain within the Fund the following reserves—

a reserve for contributors’ contributions,

a separate reserve for each employer specified in Schedule 3 and, after the commencement of Schedule 2 (33) to the Superannuation (Amendment) Act 1988, a separate reserve—

for each employer specified in Part 1 of Schedule 3, and

for each group of employers specified in Parts 2 and 3 of that Schedule.

(Repealed)

STC may also establish and maintain within the Fund such other reserves and such accounts as, in its opinion, are necessary or convenient for the proper management of the Fund and administration of this Act.

As soon as practicable after the passing of the Superannuation (Amendment) Act 1988, STC must appoint one or more actuaries to carry out the functions referred to in subsection (4).

As soon as practicable after being appointed under subsection (3), the actuary or actuaries concerned must—

carry out an investigation of the Fund, and

make to STC recommendations with respect to the apportionment of the Fund so as to enable STC to fix the initial values of the reserves referred to in subsection (1).

On receiving the recommendations of the actuary or actuaries in accordance with subsection (4), STC must—

after having regard to those recommendations, fix the initial values of the reserves referred to in subsection (1), and

publish in the Gazette the values so fixed, and

apportion the State Superannuation Fund in accordance with those values.

STC’s decision under subsection (5) is binding on all contributors and employers.