18Actuarial investigation

18 Actuarial investigation

18 Actuarial investigation

(1) An investigation as to the state and sufficiency of the funds established under this Act shall—

(a) as at the appointed day, and

(b) as at 30 June 1994 and at the end of each succeeding period of 3 years,

be made by an actuary or actuaries appointed by STC.

(2) Actuaries appointed under this section shall complete their investigation, and shall report the result to STC, not later than 6 months after the date as at which the investigation is made.

(2A) The report referred to in subsection (2) must—

(a) include a statement of the value of the assets of the Fund, and

(b) include a statement of any liability for benefit payments that are not expected to be covered by—

(i) the assets of the Fund, or

(ii) any future contributions to, or earnings of, the Fund, or

(iii) any guarantee by the Government or by any of its agencies, or

(iv) an appropriation in respect of the Fund.

(3) STC shall, not later than 1 month after it receives a report under this section, forward the report to the Minister with such comments as it thinks fit.

(4) The Minister may, in relation to a particular investigation, extend or further extend the period referred to in subsection (2) if the Minister considers that special circumstances exist to justify an extension or further extension.

(5) The Minister may, in relation to a particular investigation, extend or further extend the period referred to in subsection (3) if the Minister considers that special circumstances exist to justify an extension or further extension.

s 18: Am 1991 No 95, Sch 9 (2); 1993 No 111, Sch 5 (6); 1996 No 39, Sch 4; 1997 No 42, Sch 1.7 [3]; 1999 No 86, Sch 2.5 [1] [2].