Superannuation Act 1916

STC must, on or before, or as soon as practicable after, this Part applies to contributors, determine the net liability of the contributors’ employer or former employer in respect of contributors who are affected by the Government initiative concerned.

STC is to seek actuarial advice as to the net liability of the employer and is to consult with the Treasurer before determining the liability.

The amount of the net liability of an employer, as certified by STC, is a debt due for payment to STC by the employer or the employer’s successor, on and from the date the initiative takes effect, as so certified.

STC may whenever it thinks fit, with the concurrence of the Treasurer, adjust the amount that is currently standing to the credit or debit of an employer’s reserve in the Fund to reflect STC’s determination of the net liability of the employer.

For the purposes of this section, the net liability of an employer is the total liability of the employer for present and future employer-financed pensions or other benefits (accrued as at the date at which the liability is determined) and administrative costs and any other liability under this Act in respect of the employees concerned, less the amount determined by STC as being credited to the employer in the Fund.