18CSpecial provisions applicable to pension account

#### 18C Special provisions applicable to pension account 18C Special provisions applicable to pension account > > (1) The pension account referred to in section 18 (3) (b) (i) is to be divided into the following sub-accounts— > > > > > (a) the Approved Company sub-account, > > > > > (b) the Column 5 pensions increase and indexation sub-account. > > > (2) (Repealed) > > > (3) Credits to the Approved Company sub-account (which is a continuation of the account kept under this section as in force immediately before the date on which Schedule 7.2 \[4\] to the [Coal Industry Act 2001](/view/html/inforce/current/act-2001-107) commenced) are to be in the form of an imprest account maintained at— > > > > > (a) $10,000,000 (unless the Approved Company gives approval for a larger amount or paragraph (b) or (c) applies), or > > > > > (b) an amount less than $10,000,000 that is approved by the Corporate Trustee (unless paragraph (c) applies), or > > > > > (c) an amount less than $10,000,000 that is approved by the Corporate Trustee on the advice of an actuary as being sufficient to fund the payment of future pensions payable under the AUSCOAL Rules. > > > > In paragraph (c), actuary means an actuary that the Corporate Trustee has appointed for the purpose of advising it in relation to that paragraph. > > > (4) The Corporate Trustee must ensure that administrative arrangements are established that include the following— > > > > > (a) an arrangement requiring the Corporate Trustee to submit to the Approved Company each month a statement certifying the amount of pensions and redemptions paid from money in the Approved Company sub-account during the period to which the statement relates, > > > > > (b) an arrangement for interest earned on money held in the Approved Company sub-account to be credited to that sub-account and included in each monthly statement submitted to the Approved Company by the Corporate Trustee, > > > > > (c) an arrangement providing for the Approved Company to pay to the Corporate Trustee each month an amount for crediting to that sub-account. > > > > The amount of the payment under paragraph (c) is to be determined by the Approved Company after consideration of the statement submitted by the Corporate Trustee for the preceding month. > > > (5) The Corporate Trustee must ensure that all pensions and commuted pensions are paid from the Amalgamated Fund and are debited to the pension account. > > **s 18C:** Ins 1994 No 85, Sch 2 (19). Am 1994 No 85, Sch 3 (26); 2000 No 17, Sch 1 \[8\]–\[13\]; 2001 No 107, Sch 7.2 \[3\]–\[6\].