5STC required to establish certain reserves within the Fund

#### 5 STC required to establish certain reserves within the Fund 5 STC required to establish certain reserves within the Fund > > (1) STC must establish and maintain within the Fund the following reserves— > > > > > (a) a reserve for contributors’ contributions, > > > > > (b) a separate reserve for each employer specified in Schedule 3 and, after the commencement of Schedule 2 (33) to the Superannuation (Amendment) Act 1988, a separate reserve— > > > > > > > (i) for each employer specified in Part 1 of Schedule 3, and > > > > > > > (ii) for each group of employers specified in Parts 2 and 3 of that Schedule. > > > > > (c) (Repealed) > > > (2) STC may also establish and maintain within the Fund such other reserves and such accounts as, in its opinion, are necessary or convenient for the proper management of the Fund and administration of this Act. > > > (3) As soon as practicable after the passing of the Superannuation (Amendment) Act 1988, STC must appoint one or more actuaries to carry out the functions referred to in subsection (4). > > > (4) As soon as practicable after being appointed under subsection (3), the actuary or actuaries concerned must— > > > > > (a) carry out an investigation of the Fund, and > > > > > (b) make to STC recommendations with respect to the apportionment of the Fund so as to enable STC to fix the initial values of the reserves referred to in subsection (1). > > > (5) On receiving the recommendations of the actuary or actuaries in accordance with subsection (4), STC must— > > > > > (a) after having regard to those recommendations, fix the initial values of the reserves referred to in subsection (1), and > > > > > (b) publish in the Gazette the values so fixed, and > > > > > (c) apportion the State Superannuation Fund in accordance with those values. > > > (6) STC’s decision under subsection (5) is binding on all contributors and employers. > > **s 5:** Am 1948 No 9, sec 4 (1) (a); 1967 No 93, sec 2 (1) (a); 1968 No 10, sec 2 (1); 1969 No 72, sec 2 (1) (a); 1975 No 98, Sch 13 (2); GG No 143 of 18.11.1977, p 5092, 1978 No 143, Sch 5 (1); 1980 No 50, Sch 2 (1) (2). Rep 1985 No 46, Sch 11 (1). Ins 1988 No 133, Sch 1 (2). Am 1991 No 95, Sch 10 (2); 1996 No 39, Sch 4. > > **s 5A:** Ins 1948 No 9, sec 4 (1) (b). Am 1951 No 53, sec 6 (1) (a); 1965 No 30, sec 3 (a); 1965 No 37, sec 2 (1); 1967 No 93, sec 2 (1) (b); 1969 No 72, sec 2 (1) (b); 1972 No 66, sec 3 (c); 1975 No 98, Sch 13 (3). Subst 1980 No 50, Sch 2 (3). Am 1983 No 21, Sch 1 (2). Rep 1985 No 46, Sch 11 (1). > > **s 5B:** Ins 1969 No 72, sec 2 (1) (c). Am 1972 No 66, sec 3 (d); 1974 No 44, sec 18; 1975 No 98, Sch 13 (4); 1978 No 143, Sch 5 (2); 1980 No 50, Sch 2 (4). Rep 1985 No 46, Sch 11 (1). > > **s 5C:** Ins 1978 No 143, Sch 5 (3). Am 1980 No 50, Sch 2 (5); 1981 No 90, Sch 1; 1983 No 21, Sch 1 (3). Rep 1985 No 46, Sch 11 (1). > > **s 5D:** Ins 1983 No 21, Sch 1 (4). Rep 1985 No 46, Sch 11 (1).