Public Sector Superannuation Reform Regulations 2017
165Investment income reserve account
Start here
Get a plain-English read of 165
Turn the raw legal text into a practical explanation grounded in Public Sector Superannuation Reform Regulations 2017.
165 Investment income reserve account
(1) The Commission may establish within the SFCS Fund an investment income reserve account.
(2) If an investment income reserve account is established under subregulation (1) , any surplus or deficit investment income in the SFCS Fund may be credited to, or debited from, the account and distributed to, or deducted from, members’ accounts.
(3) If, at the end of a financial year, the investment income reserve account established under subregulation (1) is in surplus, the Commission must determine, on the advice of the Actuary, whether or not to distribute all or part of the surplus to members by way of an adjustment to investment returns or by way of transfer to the SFCS Fund.
(4) If, at the end of a financial year, the investment income reserve account established under subregulation (1) is in deficit, the Commission must, on the advice of the Actuary, reduce members’ account balances by way of adjustment to investment returns or by way of transfer from the SFCS Fund.