195Recovery of money owing to Scheme

195 Recovery of money owing to Scheme

(1)  The Commission may recover from a member, beneficiary or other person any money which was paid in excess of the member’s benefit, together with interest calculated in accordance with this regulation, unless the Commission, having regard to the circumstances of the member, determines otherwise.

(2)  The Commission must recover from the State Fire Commission any payment to the SFCS Fund of State Fire Commission superannuation contributions, additional employer contributions, and member contributions, that have not been forwarded to the Commission within 7 days of the relevant payday and those payments attract interest calculated in accordance with this regulation.

(3)  Payments from the State Fire Commission to the SFCS Fund of State Fire Commission superannuation contributions, additional employer contributions and member contributions are to be credited to the members’ accounts as if they were received on the relevant payday.

(4)  The interest determined under subregulation (2) is the liability of the State Fire Commission and not the member.

(5)  Interest is calculated on a daily basis using the Bloomberg’s 90 day Bank Bill Swap Reference Rate, as published in the Australian Financial Review, on the day the amount became due for payment, plus 4%.

(6)  Interest is payable on any amount owing to the SFCS Fund calculated from the date on which the amount becomes due for payment until the date on which the amount, together with interest if applicable, is fully recovered by, or otherwise paid to, the Commission.

(7)  Any interest paid under this regulation is to be credited to the investment income reserve account established under regulation 165 .