Commonwealth Consolidated Acts

SUPERANNUATION ACT 1990 - SECT 28

             (1)  The Board must, as soon as practicable after the end of each financial year commencing after the commencement of this Act, prepare and give to the Minister:

                     (a)  a report on the performance of its functions in relation to the Public Sector Superannuation Scheme and the PSS Fund during that year; and

                     (b)  financial statements in respect of the management of the PSS Fund during that year in a form agreed between the Minister and the Board.

             (2)  Before giving the financial statements to the Minister, the Board must submit them to the Auditor‑General, who must report to the Minister:

                     (a)  whether the statements are based on proper accounts and records; and

                     (b)  whether the statements are in agreement with the accounts and records and show fairly the financial transactions and the state of the PSS Fund; and

                     (c)  whether the receipt of moneys into the PSS Fund, and the payment of moneys out of the PSS Fund and the investment of moneys standing to the credit of the PSS Fund, during the year have been in accordance with this Act and the Trust Deed; and

                     (d)  as to such other matters arising out of the statements as the Auditor‑General considers should be reported.

             (3)  The Minister must cause a copy of the report, and of the financial statements, prepared by the Board, together with a copy of the report of the Auditor‑General in respect of those financial statements, to be laid before each House of the Parliament within 15 sitting days of that House after the receipt of whichever of those documents was last received by the Minister.

             (4)  Where the Board has not complied with subsection (1) within a period of 6 months after the end of a financial year, the Board must, within 14 days after the end of that period, give to the Minister an interim report on the performance of its functions in relation to the Public Sector Superannuation Scheme and the PSS Fund during that year together with interim financial statements in respect of the management of the PSS Fund during that year.

             (5)  The financial statements given to the Minister under subsection (4) must be in the form approved by the Minister for the purposes of subsection (1) but need not be accompanied by a report of the Auditor‑General.

             (6)  Where the Board gives a report and financial statements to the Minister under subsection (4), the Minister must:

                     (a)  cause a copy of the report and a copy of the financial statements to be laid before each House of the Parliament within 15 sitting days of that House after their receipt by the Minister; and

                     (b)  give a copy of the report and a copy of the financial statements:

                              (i)  to the Australian Council of Trade Unions; and

                             (ii)  upon request made by a relevant organisation, to that organisation.

             (7)  In subsection (6):

"relevant organisation" means:

                     (a)  an organisation:

                              (i)  a substantial number of whose members are members of the Public Sector Superannuation Scheme or eligible employees within the meaning of the Superannuation Act 1976 ; and

                             (ii)  whose principal purpose is to protect and promote the interest of its members in matters concerning their employment; or

                     (b)  an organisation having as one of its principal purposes the protection and promotion of beneficiaries under the Public Sector Superannuation Scheme in matters concerning their entitlements as beneficiaries.