54Appropriation and Minister's guarantee

54 Appropriation and Minister's guarantee

(1)  In this section –

Agency means –

(a) an Agency within the meaning of the State Service Act 2000 ; or

(b) the controlling authority of any industry or undertaking carried on by or on behalf of the State; or

(c) where the services of a statutory authority are transferred to another person or organisation – the person or organisation responsible for payment of contributions to the Fund in respect of contributors.

(2)  [Section 54 Subsection (2) amended by No. 38 of 2020, Sched. 1, Applied:27 Nov 2020] A contribution that is required under the regulations to be paid by the Minister is to be paid by the Minister out of the Public Account without further appropriation than this section.

(3)  A contribution referred to in subsection (2) is to be paid at the times, and in the manner, that is prescribed in the regulations.

(4)  The regulations may provide for a guarantee to be given by the Minister with respect to –

(a) the payment of pensions and lump sum benefits under this Act in relation to the contributory scheme; and

(b) the payment to the Fund of contributions, in relation to the contributory scheme, required to be made by an Agency or statutory authority; and

(c) the payment to a default fund of contributions, in relation to the default fund, required to be made by an Agency or statutory authority in accordance with this Act or the governing rules of the fund.