26H   Transfers of contributions to FSS Scheme

(1)  STC is to transfer any contribution made by an employer under this Act that STC determines is in respect of the salary of an employee for a period for which there is or will be no liability for a benefit under this Act.

(2)  STC is to consult with any employer who would be affected by a determination under this section before making the determination.

(3)  There is to be added to and transferred with any such contribution interest on the contribution (at a rate determined by STC) for the period from the date the contribution was made until its transfer under this section.

(4)  STC’s determination of interest is to be based on the rate of return achieved in respect of the investment of the contribution while invested by STC during the period for which that interest is payable.

(5)  There is to be deducted from any funds to be transferred the costs of STC in managing those funds and in transferring them under this section.

(6)  Transfers under this section are to be made from the appropriate employer reserves and are to be paid into the appropriate accounts under the First State Superannuation Act 1992, as determined by STC.