Subdiv 1Contributors' accounts

Subdivision 1—Contributors' accounts 13—Contributors' accounts (1) The Board must maintain accounts in the names of all contributors. (2) A contributor's account must be debited with any payment that is, in pursuance of this Act, to be charged against that account. (3) At the end of each financial year, each contributor's account that has a credit balance will be adjusted to reflect a rate of return determined by the Board in relation to contribution accounts for the relevant financial year. (4) In determining a rate of return for the purposes of subsection (3), the Board should have regard to— (a) the net rate of return achieved by investment of the relevant division of the Fund over the financial year; and (b) the desirability of reducing undue fluctuations in the rate of return on contributors' accounts. (5) Where, in pursuance of subsection (4)(b), the Board determines a rate of return that is at variance with the net rate of return achieved by investment of the relevant division of the Fund, the Board must include its reasons for the determination in its report for the relevant financial year. (6) Where it is necessary to determine the balance of a contributor'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. (6a) A balance determined under subsection (6) will not be adjusted when a rate of return is subsequently determined under subsection (3). (7) The Board must, within six months after the end of each financial year, provide each contributor with a written statement of the amount standing to the credit of the contributor's contribution account at the end of the financial year and the amount by which the balance of the account has been increased pursuant to subsection (3) in respect of that financial year. (8) A reference in this section to rate of return is a reference to a positive or a negative rate of return.