4Reconstitution of the Fund

4 Reconstitution of the Fund

4 Reconstitution of the Fund

(1) There shall, for the purposes of this Act, continue to be a fund to be known as the State Superannuation Fund.

(2) STC is responsible for maintaining and managing the Fund.

(3) STC must ensure that there are paid into the Fund—

(a) contributions or payments made by employers and employees, and

(b) income derived from investment of the Fund, and any profit made from realising any investment of the Fund’s assets, and

(c) money borrowed for the purposes of the Fund, and

(c1) fees paid to STC arising under the family law superannuation legislation or Part 4A, and

(d) any other amounts properly payable to the Fund.

(4) STC must ensure that there are paid from the Fund—

(a) the administration costs incurred by STC in relation to the administration of the Fund, including administration costs arising under the family law superannuation legislation or Part 4A, and

(b) the amount of any benefit payable under this Act, and

(c) amounts in repayment of money borrowed for the purposes of the Fund, and

(c1) amounts payable by STC and arising under the family law superannuation legislation or Part 4A, and

(d) such amounts as are necessary to satisfy any liability of the Fund with respect to tax payable under a Commonwealth taxation law or an amount of superannuation contributions surcharge payable by the Fund, and

(e) any other amounts that are properly payable from the Fund.

(5) If a loss is incurred in realising any investment forming part of the assets of the Fund, the Fund is accordingly reduced by the amount of that loss.

s 4: Am 1919 No 30, sec 3 (c); 1972 No 66, sec 3 (b). Subst 1988 No 133, Sch 1 (2). Am 1991 No 96, Sch 6; 1996 No 39, Sch 4; 1997 No 149, Sch 1.7 [2] [3]; 2003 No 77, Sch 12 [3]–[5].