Part 2BMembers' contribution accounts

Part 2B—Members' contribution accounts 13A—Members' contribution accounts (1) The Board must maintain contribution accounts in the names of all members. (2) A member's contribution account must be credited with the amount of contributions made by the member and must be debited with any payment that is, in pursuance of this Act, to be charged against the account. (3) The amount of the opening balance of the contribution account of a person who was a member on 1 July 1998 is the amount that would have been the balance of the member's notional contribution account if that balance had been determined as at 30 June 1998 under section 21B before that section was repealed. 13AB—Rollover accounts (1) The Board must maintain a rollover account in the name of— (a) a PSS 3 member (including such a member who is also a PSS 1 or PSS 2 member who has made application under section 7F or is a PSS 3 member by virtue of section 7G) for whom an amount of money has been carried over from another superannuation fund or scheme; or (b) a PSS 3 member who is a former PSS 2 member who has made application under section 7F in relation to a preserved amount. (2) A PSS 3 member's rollover account must be credited with the relevant amount under subsection (1) and must be debited with any payment that is, in pursuance of this Act, to be charged against the account. (3) The Board may debit against a PSS 3 member's rollover account an administrative charge fixed by the Board. (4) The Board may, for the purposes of subsection (3), fix different charges depending on the balance of members' accounts or any other relevant factor. 13B—Accretions to members' accounts (1) At the end of each financial year, each member's contribution account and rollover account (if any) that has a credit balance will be adjusted to reflect a rate of return determined by the Board in relation to members' accounts for the relevant financial year. (2) In determining a rate of return for the purposes of subsection (1), the Board should have regard to— (a) the net rate of return achieved by investment of the Fund over the relevant financial year; and (b) if a PSS 3 member has made a nomination under subsection (2a), the net rate of return achieved by the classes of investments, or the combination of classes of investments, nominated by the member. (2a) If 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 this section. (2b) A PSS 3 member cannot nominate a class of investments, or a combination of classes of investments, under subsection (2a) if he or she does not at the same time nominate the same class or combination of classes of investments under section 14D(4) (unless he or she is a PSS 3 member by virtue of section 7F). (3) Where, in pursuance of subsection (2)(a), the Board determines a rate of return that is at variance with the net rate of return achieved by investment of the Fund, the Board must include its reasons for the determination in its report for the relevant financial year. (4) Where it is necessary to determine the balance of a member's account and the Board has not yet determined a rate of return in relation to the relevant financial year, the balance will be determined by applying a percentage rate of return on accounts estimated by the Board. (5) A balance determined under subsection (4) will not be adjusted when a rate of return is subsequently determined under subsection (1). (6) A reference in this section to rate of return is a reference to a positive or a negative rate of return. 13C—Rollover of money from other funds or schemes Money that is rolled over to PSS 3 from another superannuation fund or scheme must be paid to the Treasurer. 13D—Co‑contribution accounts (1) The Board must— (a) establish a co‑contribution account in the name of a member in respect of whom a co‑contribution has been paid to the Board; and (b) credit the account with the amount of any co‑contribution paid to the Board in respect of the member. (2) The Board is to determine the terms and conditions on which the balance of a member's co‑contribution account is, subject to subsection (3), payable to— (a) the member; or (b) if the member is a PSS 1 or PSS 2 member who dies before the payment is made— (i) the member's spouse; or (ii) if the member does not have a spouse—the member's estate; or (c) if the member is a PSS 3 member who dies before the payment is made— (i) the member's legal personal representative; or (ii) if the member does not have a legal personal representative but has a spouse—the spouse; or (iii) if the member does not have a legal personal representative or a spouse—the member's estate. (3) A person is entitled to payment of an amount standing to the credit of a co‑contribution account only to the extent that the payment can be made in accordance with the SIS Act. 13E—Other contributions If a payment (other than a co-contribution) is made to the Board on behalf of a PSS 3 member, the Board may credit the payment to any account maintained by the Board on behalf of the member in connection with their membership of PSS 3.