Div 4Government contributions with respect to PSS 3

Division 4—Government contributions with respect to PSS 3 14C—Government contributions (1) Within 7 days after basic salary and additional salary (if any) is paid to a PSS 3 member, the Treasurer must pay into the PSS 3—Government Contributions Division of the Fund an amount calculated as follows: A is the amount to be paid; S is the amount of basic salary and additional salary (if any) paid to (or in relation to) the member (including the amount of any salary sacrifice under the Parliamentary Remuneration Act 1990 that applies for the relevant period). (2) In addition, if a PSS 3 member (including a person who is a member of PSS 3 by virtue of section 7G) has elected to make a superannuation salary sacrifice that applies in relation to a period in respect of which salary is paid to the member, the Treasurer must, within 7 days after payment of that salary to the member, pay into the PSS 3—Government Contributions Division of the Fund the amount so sacrificed. 14D—Government contribution accounts (1) The Board must maintain Government contribution accounts in the names of all PSS 3 members (including PSS 1 and PSS 2 members who are members of PSS 3 by virtue of section 7G). (2) A PSS 3 member's Government contribution account must be credited with amounts that are equivalent to the amounts paid under section 14C in respect of the member. (3) At the end of each financial year, each PSS 3 member's Government contribution account will be adjusted to reflect a rate of return determined by the Board— (a) having regard to the net rate of return achieved by investment of the PSS 3—Government Contributions Division of the Fund over the relevant financial year; and (b) if the member has made a nomination under subsection (4), having regard to the net rate of return on the nominated class of investments, or combination of classes of investments, determined by the Board under section 13B(2)(b). (4) If the PSS 3—Government Contributions Division of the Fund is invested in different classes of investments, the Board must permit a PSS 3 member, on such terms and conditions as the Board thinks fit, to nominate the class of investments, or combination of classes of investments, for the purpose of determining the rate of return under subsection (3). (5) A PSS 3 member cannot nominate a class of investments, or a combination of classes of investments, under subsection (4) if he or she does not at the same time nominate the same class or combination of classes of investments under section 13B(2a) (and any variation of a nominated class under that section will then have effect for the purposes of this section). (6) If, when the Government component is to be paid under Part 4 Division 2A with respect to a PSS 3 member, the rate of return for the relevant financial year has not been determined under this Act, the rate of return will be equivalent to the rate of return on investments of the PSS 3—Government Contributions Division of the Fund estimated by the Board for that year (and there will be no adjustment when the rate of return is subsequently determined). (7) An administrative charge to be fixed by the Board must be debited against the Government contribution accounts of PSS 3 members (and different charges may be fixed depending on the balance of members' accounts, the level of invalidity/death insurance benefit that may apply to members under this Act, or any other relevant factor). (8) A charge to be fixed by the Board may also be debited against the Government contribution account of a PSS 3 member who, after nominating a class of investments under subsection (4), subsequently varies the nomination. (8a) A PSS 3 member's Government contribution account must be debited with— (a) a disability pension premium of an amount fixed by the Board; and (b) any other payment that is, under this Act, to be charged against the account. (8b) The disability pension premium is to be debited at a time determined by the Board. (8c) Subsection (8a)(a) does not apply in relation to a PSS 3 member whose insurance has been cancelled on application by the member under section 21AHA(4). (9) A reference in this section to rate of return is a reference to a positive or a negative rate of return.