10Actuarial investigations of Fund

10 Actuarial investigations of Fund

(1)  An investigation as to the state and sufficiency of the Fund is to be made by the Actuary on the expiration of each period of 3 years, the first period of which is to commence on a date to be determined by the Treasurer by notice in the Gazette.

(2)  The Actuary, not later than 12 months after the date on which an investigation for the purposes of subregulation (1) is to be made, must –

(a) prepare a report giving full particulars of the investigation; and

(b) give a copy of the report to the Minister and the Commission.

(3)  The Actuary must include in the report –

(a) a statement as to whether any change should be made to –

(i) the basis on which, or the extent to which, lump sum entitlements may be converted into pension payments under Part 6 ; and

(ii) the proportion in which the contributions required to be paid to the Fund under regulations 86 and 87 by the Minister are to be paid; and

(iii) the contributions to be paid to the Fund by the Minister in respect of a subfund established for persons who are, or have been, elected as members of Parliament; and

(b) a statement of the financial position in respect of the current and future liabilities for pension and lump sum benefit entitlements, including any liabilities payable by the Fund under the law of the Commonwealth; and

(c) a statement as to any liability for benefit payments not expected to be paid out of the assets of the Fund or any future contributions; and

(d) any other matters which the Actuary may consider appropriate.

(4)  The Commission must provide a copy or extract of the Actuary's report prepared in accordance with subregulation (2) to a contributor on written request.

(5)  The Actuary, when requested by the Commission or as required under the law of the Commonwealth, must provide the Commission with the actuarial information that is necessary for the Commission to satisfy the Commission's obligations under the law of the Commonwealth.