163Operation of SFCS Fund

163 Operation of SFCS Fund

(1)  On and from the day on which the Trust Deed, within the meaning of section 42 of the Act, is terminated under section 43 of the Act, the Commission must maintain the SFCS Fund.

(2)  The SFCS Fund consists of the accounts and reserves that the Commission considers to be necessary or convenient for the administration of the SFCS Scheme.

(3)  The Commission may cause to be met from the SFCS Fund –

(a) the administration costs and management charges, in relation to the SFCS Scheme, that are determined by the Commission to arise from the performance and exercise of the Commission’s functions and powers under these regulations in relation to the administration and management of the SFCS Scheme; and

(b) benefits payable under these regulations in relation to the SFCS Scheme; and

(c) expenses associated with the investment of money standing to the credit of the SFCS Fund; and

(d) any audit, insurance or actuarial costs incurred in the administration of the SFCS Scheme in accordance with these regulations.

(4)  The Commission may, where appropriate, cause to be met from the SFCS Fund the payment of any tax, duty, impost or surcharge liability imposed under the law of the Commonwealth or the State on the SFCS Fund or in respect of any benefits payable by the Commission from the SFCS Fund.

(5)  To the extent that a deduction under subregulation (4) is directly attributable to a contribution to the SFCS Scheme, the Commission, on receiving the contribution or at a time that the Commission, in its absolute discretion, considers expedient in the circumstances, may –

(a) deduct, or cause to be deducted, from the contribution or relevant member’s account, the amount that the Commission considers appropriate to provide for the relevant amount of the duty, tax, surcharge, impost, fee or charge; and

(b) may retain the amount within the SFCS Fund until the Commission gives effect to subregulation (4) .

(6)  The Commission must not make any payments from the SFCS Fund to the Commission or the State Fire Commission except for –