Div 3AAccounts

Division 3A—Accounts 20A—Contributors' accounts (1) The Board will maintain accounts in the names of all contributors and each account will state whether the contributor is an old scheme contributor or a new scheme contributor. (2) A contributor's account must be debited with any payment that is, under this Act, to be charged against that account. (3) At the end of each financial year, each contributor's account that has a credit balance will be varied— (a) if the account is in the name of an old scheme contributor—to reflect a rate of return determined by the Board in relation to the contribution accounts of old scheme contributors for the relevant financial year; (b) if the account is in the name of a new scheme contributor—to reflect a rate of return determined by the Board in relation to the contribution accounts of new scheme contributors for the relevant financial year. (4) In determining a rate of return for the purposes of subsection (3), the Board should have regard to— (a) the net rate of return achieved by investment of the relevant division of the Fund over the financial year or, if a new scheme contributor has made a nomination under subsection (4a), the net rate of return achieved by the class of investments, or the combination of classes of investments, nominated by the contributor; and (b) the desirability of reducing undue fluctuations in the rate of return on contributors' accounts. (4a) If the Fund is invested in different classes of investments, the Board may, with the agreement of the Superannuation Funds Management Corporation of South Australia, permit new scheme contributors, on such terms and conditions as it thinks fit, to nominate the class of investments, or the combination of classes of investments, for the purpose of determining the rate of return under this section. (4b) If a contributor, after nominating a class of investments under subsection (4a), subsequently varies the nominated class of investments, the Board may charge a fee (to be fixed by the Board) to the contributor's contribution account in a manner determined by the Board. (5) If, in accordance with subsection (4)(b), the Board determines a rate of return that is at variance with the net rate of return achieved by investment of the relevant division of the Fund, the Board must include its reasons for the determination in its report for the relevant financial year. (6) If it is necessary to determine the balance of a contributor's account and the Board has not yet determined a rate of return in relation to the relevant financial year, the balance will be determined by applying a percentage rate of return on accounts estimated by the Board. (6a) A balance determined under subsection (6) will not be adjusted when a rate of return is subsequently determined under subsection (3). (7) A reference in this section to rate of return is a reference to a positive or a negative rate of return. 20ABA—Co-contribution accounts The Board must— (a) establish a co-contribution account in the name of a contributor in respect of whom a co‑contribution has been paid to the Board; and (b) credit the account with the amount of any co‑contribution paid to the Board in respect of the contributor; and (c) immediately on a co‑contribution account being credited with the amount of a co‑contribution—transfer the amount to a co‑contribution account maintained by the Board in the name of the contributor in the Southern State Superannuation Fund; and (d) advise the contributor in writing that— (i) the co-contribution has been transferred to the Southern State Superannuation Fund; and (ii) the contributor is, by virtue of the Southern State Superannuation Act 2009, a member of the Triple S scheme. 20AB—Other accounts to be kept by Board (1) The Board must keep proper accounts of receipts and payments relating to the payment of benefits under this Act. (2) The Auditor-General may at any time, and must at least once in each year, audit the accounts kept by the Board under subsection (1).