167Establishment of members’ accounts

167 Establishment of members’ accounts

(1)  The Commission may establishthe accounts, and determine the administrative policy and terms and conditions, that are necessary for the efficient and effective administration of members’ accounts.

(2)  Any account for a member that was maintained by the Commission before the commencement of this regulation is taken to be an account established under subregulation (1) .

(3)  After members’ accounts are established, the Commission –

(a) must credit to the accounts, if appropriate –

(i) all State Fire Commission superannuation contributions paid on behalf of members; and

(ii) all contributions paid by members; and

(iii) investment returns determined according to the interest rates calculated under regulation 185(1) ; and

(iv) any other amount that is authorised by these regulations and that the Commission considers appropriate; and

(b) may debit to the accounts, if appropriate –

(i) surcharge liability payments, taxation provisions or any other amounts required by the law of the Commonwealth or State; and

(ii) the cost of providing cover for benefits on the death or incapacity of a member as provided by these regulations; and

(iii) administration costs and management charges as provided by these regulations; and

(iv) any other amount authorised by these regulations and considered appropriate by the Commission.