QLDIn ForceAct
Superannuation (State Public Sector) Act 1990
sec.32State to hold assets in relation to defined benefit liabilities
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### sec.32 State to hold assets in relation to defined benefit liabilities
The State is to hold assets that are at least equal in value to the accrued liability of the State in relation to defined benefits, measured at least once every 3 years.
For subsection (1) , the accrued liability of the State in relation to defined benefits is the actuarial value of the accrued benefits of government defined benefit members less the value of the scheme fund that is attributed in an actuarial investigation to government defined benefit members.
For subsection (2) , the actuarial value of the accrued benefits of government defined benefit members is to be determined using the assumptions that are used in the actuarial investigation mentioned in the subsection to determine recommended contributions to the scheme fund.
s 32 orig s 32 ins 1997 No. 21 s 23
exp 30 June 1998 (see s 45)
prev s 32 ins 1999 No. 27 s 76 sch 1 pt 3
s 32 (prev s 31A) ins 2004 No. 42 s 32
renum 2004 No. 42 s 33 sch
AIA s 20A applies as in force immediately before 30 June 2017 (see s 35)
om 2016 No. 64 s 70
pres s 32 (prev s 29A) ins 2020 No. 29 s 24
amd 2021 No. 20 s 46 (1) – (3)
reloc and renum 2021 No. 20 s 46 (4)
(sec.32-ssec.1) The State is to hold assets that are at least equal in value to the accrued liability of the State in relation to defined benefits, measured at least once every 3 years.
(sec.32-ssec.2) For subsection (1) , the accrued liability of the State in relation to defined benefits is the actuarial value of the accrued benefits of government defined benefit members less the value of the scheme fund that is attributed in an actuarial investigation to government defined benefit members.
(sec.32-ssec.3) For subsection (2) , the actuarial value of the accrued benefits of government defined benefit members is to be determined using the assumptions that are used in the actuarial investigation mentioned in the subsection to determine recommended contributions to the scheme fund.