New South Wales Consolidated Acts

LOCAL GOVERNMENT AND OTHER AUTHORITIES (SUPERANNUATION) ACT 1927 - SECT 15U

15U Servant’s account

(1) There shall be maintained, in the Benefits Fund, a separate account in respect of each contributor to which shall be credited any moneys to be credited or transferred to that contributor’s servant’s account in accordance with subsection (3) of section 15K, or subsection (9) of section 15L, and all contributions received or receivable by the board pursuant to this Part in respect of that contributor.

(2) At the end of each superannuation year, or as soon thereafter as practicable, the board shall credit each servant’s account with interest at a rate determined in respect of that year by the board, calculated on the total amount at credit in each such account at the end of that year, and shall debit each such account with:

(a) an amount calculated in such manner as the board may determine to cover the amounts referred to in paragraphs (b), (d) and (e) of subsection (1) of section 15T,

(b) where the servant is a permanent servant who is qualified for additional death benefits and additional disablement benefits, with the amount assessed by the board as the contribution payable in respect of that year by that servant for additional death benefits and additional disablement benefits, and

(c) any amount paid to or in respect of that contributor under this Part.