sec.73Investigation of actuarial sustainability of scheme

sec.73 Investigation of actuarial sustainability of scheme

The scheme manager must, within the prescribed period, investigate the actuarial sustainability of the scheme. For subsection (1) , the scheme manager may ask an appropriately qualified actuary to give the scheme manager a report about the actuarial sustainability of the scheme. The actuary’s report must include the actuary’s opinion about whether— the amount of the scheme fund is adequate to achieve the main purposes of this Act mentioned in section 3 (a) to (d) ; and any of the following characteristics of the scheme fund should be changed— the fund threshold applying to all or some of the authorities; the number of risk categories; the rate of contribution to the scheme fund; and the amounts of the assessment fee and administration fee are adequate to meet the cost of operating the scheme. After the scheme manager completes the investigation, the scheme manager must give the Minister— the actuary’s report; and the scheme manager’s recommendations about— the actuary’s opinion under subsection (3) (b) ; and any other matter relating to the operation of the scheme. This section does not limit the scheme manager’s ability to make other inquiries about the operation of the scheme. In this section— prescribed period means— for the first investigation—5 years after the commencement; or for each investigation after the first investigation—3 years after the date of the report for the immediately preceding investigation. s 73 amd 2020 No. 26 s 110 ; 2024 No. 33 s 124 (sec.73-ssec.1) The scheme manager must, within the prescribed period, investigate the actuarial sustainability of the scheme. (sec.73-ssec.2) For subsection (1) , the scheme manager may ask an appropriately qualified actuary to give the scheme manager a report about the actuarial sustainability of the scheme. (sec.73-ssec.3) The actuary’s report must include the actuary’s opinion about whether— the amount of the scheme fund is adequate to achieve the main purposes of this Act mentioned in section 3 (a) to (d) ; and any of the following characteristics of the scheme fund should be changed— the fund threshold applying to all or some of the authorities; the number of risk categories; the rate of contribution to the scheme fund; and the amounts of the assessment fee and administration fee are adequate to meet the cost of operating the scheme. (sec.73-ssec.4) After the scheme manager completes the investigation, the scheme manager must give the Minister— the actuary’s report; and the scheme manager’s recommendations about— the actuary’s opinion under subsection (3) (b) ; and any other matter relating to the operation of the scheme. (sec.73-ssec.5) This section does not limit the scheme manager’s ability to make other inquiries about the operation of the scheme. (sec.73-ssec.6) In this section— prescribed period means— for the first investigation—5 years after the commencement; or for each investigation after the first investigation—3 years after the date of the report for the immediately preceding investigation.