New South Wales Consolidated Acts

COAL AND OIL SHALE MINE WORKERS (SUPERANNUATION) ACT 1941 - SECT 18C

18C Special provisions applicable to pension account

(1) The pension account referred to in section 18 (3) (b) (i) is to be divided into the following sub-accounts:

(a) the Approved Company sub-account,

(b) the Column 5 pensions increase and indexation sub-account.

(3) Credits to the Approved Company sub-account (which is a continuation of the account kept under this section as in force immediately before the date on which Schedule 7.2 [4] to the Coal Industry Act 2001 commenced) are to be in the form of an imprest account maintained at:

(a) $10,000,000 (unless the Approved Company gives approval for a larger amount or paragraph (b) or (c) applies), or

(b) an amount less than $10,000,000 that is approved by the Corporate Trustee (unless paragraph (c) applies), or

(c) an amount less than $10,000,000 that is approved by the Corporate Trustee on the advice of an actuary as being sufficient to fund the payment of future pensions payable under the AUSCOAL Rules.

In paragraph (c), "actuary" means an actuary that the Corporate Trustee has appointed for the purpose of advising it in relation to that paragraph.

(4) The Corporate Trustee must ensure that administrative arrangements are established that include the following:

(a) an arrangement requiring the Corporate Trustee to submit to the Approved Company each month a statement certifying the amount of pensions and redemptions paid from money in the Approved Company sub-account during the period to which the statement relates,

(b) an arrangement for interest earned on money held in the Approved Company sub-account to be credited to that sub-account and included in each monthly statement submitted to the Approved Company by the Corporate Trustee,

(c) an arrangement providing for the Approved Company to pay to the Corporate Trustee each month an amount for crediting to that sub-account.

The amount of the payment under paragraph (c) is to be determined by the Approved Company after consideration of the statement submitted by the Corporate Trustee for the preceding month.

(5) The Corporate Trustee must ensure that all pensions and commuted pensions are paid from the Amalgamated Fund and are debited to the pension account.