State Superannuation Regulations 2001

At the end of each financial year and at any other time when the Board considers it desirable to do so, an earning rate is to be determined for —

each readymade investment plan; and

each Term Allocated Pension Member who has selected a personalised investment plan.

The earning rates are to be determined —

by the Board; or

on behalf of the Board in accordance with procedures or formulae determined by the Board.

In determining an earning rate, or the procedures or formulae to be used to determine an earning rate, the Board must have regard to —

the nett rate of return achieved by the investment of the assets of the Fund that represent the term allocated pension accounts of the Members to whom the earning rate will apply; and

administrative costs; and

the desirability of averaging returns in order to reduce fluctuations in earning rates.

An earning rate may be positive or negative.