New South Wales Consolidated Acts

PARLIAMENTARY CONTRIBUTORY SUPERANNUATION ACT 1971 - SECT 10

10 Actuarial investigations

(1) An investigation as to the state and sufficiency of the Fund shall be made as at the thirtieth day of June, one thousand nine hundred and seventy-two, and as at the expiration of each period of three years thereafter.

(2) Any such investigation shall be made by an actuary appointed by the trustees.

(2A) The actuary must complete the investigation, and report the result to the trustees, not later than 6 months after the date as at which the investigation is made.

(2B) The Minister may, in relation to a particular investigation, extend or further extend the period referred to in subsection (2A) if the Minister considers that special circumstances exist to justify an extension or further extension.

(2C) The trustees must, not later than 3 months (or such other period as is approved by the Minister) after receiving a report under this section, forward the report to the Minister with such comments as the trustees think fit.

(3) The actuary must recommend to the trustees the amount that, in addition to any other money payable into the Fund, should, in the actuary’s opinion, be paid into the Fund in respect of each financial year during the period of 3 years following the completion of the investigation to enable the Fund to meet its liabilities.

(3A) In subsection (3), the reference to money payable into the Fund includes a reference to any interim advances:

(a) that were paid into the Fund before completion of the investigation, or

(b) that an actuary has recommended, under subsection (4), should be paid into the Fund.

(3B) The report referred to in subsection (2A) must:

(a) include a statement of the value of the assets of the Fund and its liabilities, and

(b) include a statement of any liability for benefit payments that are not expected to be covered by:

(i) the assets of the Fund, or

(ii) any future contributions to, or earnings of, the Fund, or

(iii) any guarantee by the Government or by any of its agencies, or

(iv) an appropriation in respect of the Fund, and

(c) state the number of members of the Parliamentary Contributory Superannuation Scheme, and

(d) state the amount of benefit payments, investment earnings and administrative expenses since the last triennial actuarial investigation, and

(e) summarise the major economic, demographic and legislative changes affecting the Fund since the last triennial actuarial investigation, and

(f) include a statement on the impact of the matters referred to in paragraphs (b)-(e) on the assets and liabilities of the Fund, and

(g) include such other matters as are referred to the actuary by the Minister or trustees.

(4) If the trustees are of the opinion that investments may have to be realised to pay current liabilities of the Fund before any of the annual amounts recommended or to be recommended in accordance with subsection (3) are paid, the trustees may at any time appoint an actuary to make recommendations in relation to amounts that may need to be paid into the Fund by way of interim advances.