Superannuation Act 1916
10Actuary or actuaries to conduct periodic investigations into the Fund
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10 Actuary or actuaries to conduct periodic investigations into the Fund
10 Actuary or actuaries to conduct periodic investigations into the Fund
s 10, hdg: Rep 1971 No 7, sec 4 (1) (c) (i).
(1) Whenever necessary for the purposes of this section, STC must appoint one or more actuaries to conduct an investigation as to the state and sufficiency of the Fund.
(2) Such an investigation must be conducted—
(a) as at 30 June 1994, and
(b) as at 30 June in every subsequent third year.
(3) An actuary or actuaries appointed under subsection (1) must—
(a) complete such an investigation, and
(b) submit a report of the result of it to STC,
not later than 6 months after the date as at which it is required to be conducted.
(3A) The report referred to in subsection (3) 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.
(4) STC must, not later than 1 month after it receives a report under subsection (3), forward the report to the Minister and may add to the report such comments as it thinks fit.
(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.
(6) The Minister may, in relation to a particular investigation, extend or further extend the period referred to in subsection (4) if the Minister considers that special circumstances exist to justify an extension or further extension.
s 10: Am 1971 No 7, sec 4 (1) (c); 1983 No 21, Sch 4 (2). Subst 1988 No 133, Sch 1 (2). Am 1991 No 95, Sch 10 (3); 1993 No 111, Sch 6 (4); 1996 No 39, Sch 4; 1997 No 42, Sch 1.8 [5]; 1999 No 86, Sch 2.6 [4] [5].