57Supplementary Superannuation Benefits Fund

57 Supplementary Superannuation Benefits Fund

57.1 There is to be a Fund to be known as the Supplementary Superannuation Benefits Fund from which is to be paid the benefits provided for by this Part in respect of a member who is contributing to that Fund under Part V, other than an allowance under section 55.

57.2 The Council may, if, at any time, there are surplus moneys in the Fund, direct that the whole or part of an allowance under section 55 be paid out of the surplus moneys and, in that event, the whole or part, as the case may be, is to be paid from the Fund accordingly.

57.3 The Council must pay into the Fund:

 (a) an amount equal to 1 1/4 % of the salary of each member contributing under Part V; and

 (b) the amounts that have been, and an amount equal to the amounts (if any) that would, but for the absence of members from the service of the University, have been, deducted from the salaries of members under Part V; and

 (c) an amount equal to 2 1/4 times the total of the amounts referred to in paragraph 57.3(b); and

 (d) such other sums as the Council on the advice of the actuary from time to time determines; and

 (e) moneys in respect of which the rights and interests of members or the widows or widowers of members have been transferred to the University under this Part; and

 (f) moneys paid to the University under the policies of members in respect of which the rights and interests of the members have been transferred to the University under this Part.

57.4 Income derived from the investment of the Fund forms part of the Fund.

57.5 The Council may pay from the Fund the premiums falling due for payment under a policy of a member after the member has transferred to the University, in accordance with subsection 49.2, all his or her rights and interests in the policy.

58 1966 Supplementary Superannuation Benefits Fund

58.1 There is to be a Fund to be known as the 1966 Supplementary Superannuation Benefits Fund from which is to be paid the benefits provided for by this Part in respect of a member who is contributing to that Fund under Part VI.

58.2 Subject to subsections 58.3 and 58.4, the Council is to pay into the Fund:

 (a) the amounts that have been, and an amount equal to the amounts (if any) that would, but for the absence of members from the service of the University, have been deducted from the salaries of members under Part VI; and

 (b) an amount equal to twice the total of the amounts referred to in paragraph 58.2(a); and

 (c) such other sums as the Council may from time to time determine; and

 (d) moneys in respect of which the rights and interests of members, or of the widows or widowers of members, have been transferred to the University under this Part; and