(1) STC may establish and maintain such funds, accounts and reserves as, in the opinion of STC, are necessary or convenient for the administration of this Act.(2) STC shall cause to be paid to any such fund:(a) contributions made by employers, and(b) income derived from investment of the fund, and any profit made from realisation of any investment of the fund, and(b1) Commonwealth co-contributions paid to STC, and(c) money borrowed for the purposes of the fund, and(d) any fees paid to STC arising under the family law superannuation legislation or Part 4D.(3) STC shall cause to be paid from any such fund:(a) by transfer from the fund to the STC Administration Account maintained under the Superannuation Administration Act 1996 administration costs incurred by STC, including administration costs arising under the family law superannuation legislation or Part 4D, and(b) such amounts as are necessary to satisfy any liability of the fund with respect to tax payable under any Commonwealth taxation law, and(c) the benefits payable under this Act, and(c1) other amounts payable by STC and arising under the family law superannuation legislation or Part 4D, and(d) any other amount payable from any such Fund under this or any other Act, and(e) any amount payable as a debt due to the Commonwealth under the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 of the Commonwealth in respect of a Commonwealth co-contribution paid to STC.(4) If a loss is incurred in realising any investment forming part of the assets of a fund maintained under subsection (1), the fund is accordingly reduced by the amount of that loss.
(1) STC shall, in relation to each employer specified in Part 1 of Schedule 1, establish and maintain within a fund managed by STC a separate employer reserve for the purposes of this Act.(2) STC shall, in relation to each of Parts 2 and 3 of Schedule 1, establish and maintain within a fund managed by STC a separate employer reserve for the purposes of this Act.(3) There shall be credited to such an employer reserve the contributions made by the employer or employers to whom the reserve relates and the Commonwealth co-contributions paid to STC in respect of an employee of an employer or employers to whom the reserve relates.(4) There shall be debited to such an employer reserve:(a) the amount of any benefit paid to, or in relation to, an employee who, immediately before the benefit became payable, was an employee of the employer or an employer to whom the reserve relates, and(b) administration costs incurred by STC under the Superannuation Administration Act 1996 in relation to the employer or an employer to whom the reserve relates, and(c) the whole or part (as determined by STC) of an amount arising under the family law superannuation legislation or Part 4D that is paid to, or in respect of, a spouse or former spouse of an employee or former employee who, immediately before the payment, was an employee or former employee of the employer or an employer to whom the reserve relates.(4A) Despite any other provision of this Act, there is to be debited to the Crown employer reserve such amount of the administration costs incurred by STC in respect of the transfer of a preserved benefit under Part 4B as is approved by the Treasurer.(4B) There may be debited to such an employer reserve:(a) the costs incurred by STC in relation to Commonwealth co-contributions paid in respect of an employee of an employer or employers to whom the reserve relates, and(b) any amount payable as a debt due to the Commonwealth under the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 of the Commonwealth in respect of an employee of an employer or employers to whom the reserve relates.(5) If the amount standing to the credit of the employer reserve established for Part 3 of Schedule 1 is insufficient to meet the amounts payable from the reserve, the deficiency shall be recouped from the Consolidated Fund which is, to the necessary extent, appropriated accordingly.(6) STC may, with the concurrence of the Treasurer and after obtaining actuarial advice, adjust the amount credited to an employer reserve by crediting or debiting an amount, if it appears to STC appropriate to do so because of a change in the constitution or nature of an employer.(7) Subsection (6) does not apply to a change in the constitution or nature of an employer because of a Government privatisation initiative or other Government initiative.
10A Additional payments by certain employers
(1) If the amount credited to an employer’s reserve maintained for an employer specified in Part 1 of Schedule 1 is insufficient to meet the amounts payable from the reserve in respect of the employer, STC may require the employer to pay an amount into the fund that is equal to the deficiency.(2) Any amount that is not paid by an employer within 14 days of written notice of the requirement to pay the amount being given by STC to the employer is a debt owed to STC and may be recovered by STC accordingly.(3) This section does not apply to a change in the constitution or nature of an employer because of a Government privatisation initiative.
10B Commonwealth co-contribution accounts
STC must:(a) establish and maintain, within a fund managed by STC to which Commonwealth co-contributions are paid, a separate account in respect of each employee in respect of whom Commonwealth co-contributions are paid to the fund, and(b) credit the Commonwealth co-contributions paid in respect of the employee to that account.
11 Adjustment of accounts and reserves for interest etc
STC shall, from time to time, adjust each of the accounts and reserves established under this Part at a rate fixed by STC, having regard to the income of the funds of which they form part and such other matters as STC considers relevant.
11A Source of administration costs payments
(1) The administration costs payable in respect of the superannuation scheme established under this Act are to be paid from employer reserves established in accordance with this Act.(2) The administration costs payable in respect of preserved benefits are to be paid from employees’ accounts established in accordance with this Act, except as provided by section 10 (4A).
12 Funds, accounts and reserves generally
(1) There may be credited to any fund, account or reserve established by or under this Act any amount that is required or permitted by or under this or any other Act to be credited to it.(2) There may be debited to any fund, account or reserve established by or under this Act any amount that is required or permitted by or under this or any other Act to be debited to it.
(1) An investigation as to the state and sufficiency of any of the funds established under this Act shall, as at 30 June 1994 and at the end of each succeeding period of 3 years, be made by an actuary or actuaries appointed by STC.(2) Actuaries appointed under this section shall complete their investigation, and shall report the result to STC, not later than 6 months after the date as at which the investigation is made.(2A) The report referred to in subsection (2) must:(a) include a statement of the value of the assets of the funds established under section 9, and(b) include a statement of any liability for benefit payments that are not expected to be covered by:(i) the assets of those funds, or(ii) any future contributions to, or earnings of, those funds, or(iii) any guarantee by the Government or by any of its agencies, or(iv) an appropriation in respect of those funds.(3) STC shall, not later than 1 month after it receives a report under this section, forward the report to the Minister with such comments as it thinks fit.(4) The Minister may, in relation to a particular investigation, extend or further extend the period referred to in subsection (2) if the Minister considers that special circumstances exist to justify an extension or further extension.(5) The Minister may, in relation to a particular investigation, extend or further extend the period referred to in subsection (3) if the Minister considers that special circumstances exist to justify an extension or further extension.