Part 2AThe Parliamentary Superannuation Fund

Part 2A—The Parliamentary Superannuation Fund 13—The Fund (1) The Parliamentary Superannuation Fund is established. (2) The assets of the Fund belong (both at law and in equity) to the Crown. (3) The Fund is subject to the management and control of the Superannuation Funds Management Corporation of South Australia. (3a) The Superannuation Funds Management Corporation of South Australia must establish— (a) a distinct part of the Fund under the name PSS 3—Government Contributions Division; and (b) a distinct part of the Fund proportioned to the aggregate balance of co‑contribution accounts. (4) The Treasurer must pay into the Fund from the Consolidated Account (which is appropriated to the necessary extent) or from a special deposit account established by the Treasurer for that purpose— (a) periodic contributions reflecting the contributions paid to the Treasurer by members and spouse members; and (b) periodic contributions to ensure that the entitlements of PSS 1 and PSS 2 members are fully funded as required; and (c) any amount that is received by the Treasurer under this Act on account of money carried over from another superannuation fund or scheme and to be paid into a rollover account of a member or a contribution account of a spouse member; and (d) the contributions required under sections 7G and 14C (to be held in the PSS 3—Government Contributions Division); and (da) any co‑contribution paid to the Board on behalf of a member or spouse member (but received by the Treasurer on behalf of the Board) (to be paid into the part of the Fund proportioned to the aggregate of co‑contribution accounts); and (e) subject to subsection (4a)—any amount that is required to be paid to satisfy the payment of an invalidity/death insurance benefit; and (ea) a percentage, to be determined by the Board, of any amount that is required to be paid to satisfy the payment of a disability pension; and (f) any other amount that must be credited to the Fund by the Treasurer under another provision of this Act. (4a) The amount required to be paid under subsection (4)(e) to satisfy the payment of a death insurance benefit in respect of a PSS 3 member who has ceased to be a member of the Parliament of the State is to be determined by the Treasurer on the advice of an actuary, having regard to the amount of premiums paid by the member in respect of the insurance. (5) The Treasurer must transfer to the Fund the balance of the special deposit account into which members' contributions made before 1 July 1998 and other amounts for the funding of the schemes under this Act have been paid. (6) All interest and accretions arising from investment of the Fund must be paid into the Fund. (7) The following amounts will be paid from the Fund: (a) any reimbursement of the Consolidated Account or a special deposit account that the Treasurer charges against the Fund in pursuance of this Act; and (b) the administrative costs and other expenses related to the management and investment of the Fund; and (c) the other costs of administering this Act. (8) The Superannuation Funds Management Corporation of South Australia must determine the value of the Fund as at the end of each financial year.