Superannuation Act 1916

Whenever STC considers it necessary to do so, STC may, by resolution, fix a rate of interest for the purposes of section 15A, 21E, 38C, 61, 61A or 91A.

A rate fixed under subsection (1) for the purposes of section 38C, 61, 61A or 91A has effect on and from—

the date on which the resolution of STC fixing the rate is made, or

if a later date is specified in the resolution, that later date.

A rate fixed under subsection (1) for the purposes of section 15A or 21E has effect on and from—

such date as is specified in the resolution of STC fixing the rate (whether that date is before or after the date of the resolution), or

if no such date is specified in the resolution, the date on which the resolution is made.

Subject to this section, STC has power, and shall be regarded as always having had power, when paying a benefit under this Act, to pay interest at such rates, for such periods and in such circumstances as in its absolute discretion it thinks appropriate.

STC may fix different rates for the provisions mentioned in subsection (1).