SUPERANNUATION ADMINISTRATION ACT 1996 - As at 5 December 2023 - Act 39 of 1996
- As at 5 December 2023
- Act 39 of 1996
Table of Provisions
PART 1 - PRELIMINARY
- 1 Name of Act
- 2 Commencement
- 3 Objects of Act
- 4 Definitions
5. (Repealed)
- 6 Notes in text
PART 2 - (Repealed)
None
PART 3 - TRUSTEE FOR STC SCHEMES (STC)
Note
Division 1 - Establishment and principal functions of STC
- 48 Continuation of STC (formerly the State Authorities Superannuation Board)
- 49 STC to be trustee for STC schemes
- 50 Principal functions of STC
- 51 Duties relating to functions
- 52 Government policy statements to be laid before Parliament
- 53 Power to enter into contracts or arrangements
- 54 Minister's consent required
- 55 STC to be subject to Minister's directions in certain circumstances
- 56 Direction to be laid before Parliament
- 57 Powers of STC
Division 2 - Investment of STC funds
- 58 Investment strategy
- 59 Investment manager to be appointed
- 60 Mandated investment managers
61. (Repealed)
- 62 Borrowing and investment powers
- 63 Restrictions on investment powers
Division 3 - Administration of STC schemes
- 64 Administrator to be appointed
- 65 Provision of additional benefits
- 66 STC may compromise or settle claims
- 67 Determination of disputes
- 68 Evidence from third parties
Division 4 - Management of STC
- 69 STC Board
- 70 Chairperson of STC Board
- 71 Employer representative members
- 72 Employee representative members
- 73 Duties of members of STC Board
- 74 Chief executive officer of STC
- 75 Staff
- 76 Agents
- 77 Delegation of functions
- 78 Committees
- 79 Corporate plan
- 80 Personal and other liability
- 80A STC not to indemnify officers without Ministerial approval
Division 5 - Financial provisions
- 81 Amalgamation of funds and adjustment of accounts
- 81A Adjustment of employer reserves for surplus funds
- 82 Re-establishment of separate funds and subsequent amalgamation
- 83 Powers of STC
- 84 STC to maintain administration account
- 85 Administration costs generally
- 86 Source of administration costs
- 87 Financial year of STC
Division 6 - Miscellaneous
- 88 Appeals
- 89 STC Board must report events affecting functions
- 90 Provision of information to relevant Ministers
90A. (Repealed)
- 91 Accounts and records of STC
- 92 Service of documents
- 93 Proof of certain matters not required
- 94 Recovery of amounts payable by STC
- 95 Seal of STC
PART 4 - MONITORING STC
- 96 Definition
- 97 Information to be given to Minister and authorised persons
- 98 Minister and authorised persons may require production of books
- 99 Access to premises
100-118. (Repealed)
PART 5 - OFFENCES AND REMEDIES RELATING TO OFFICERS
- 119 Duties and liabilities of persons involved in management
- 120 Recovery of profits from officers
- 121 Contraventions of trustee duties
- 122 Defence relating to investment strategy
- 123 Defence relating to management of reserves
- 124 Defences relating generally to actions arising from breach of duties
PART 6 - PUBLIC SECTOR SCHEMES
- 125 Additional State public sector superannuation schemes
- 126 Provisions consequent on establishment of additional superannuation schemes
- 126A Mobility between public sector schemes and LGSS
- 127 Provisions consequent on extension of superannuation schemes to additional persons
PART 7 - SUCCESSOR FUNDS
- 127AA Definitions
- 127A Transfers from STC schemes to successor funds
- 127B Transfers from EISS and LGSS to successor funds
- 128 Mobility between public sector schemes and successor funds
- 128A Regulations about mobility between funds
- 128B Part has effect despite other Acts and trust deeds
PART 8 - MISCELLANEOUS
- 128C Conversion of FSS Trustee Corporation into proprietary company
- 129 Regulations
- 129A Prudential standards or reporting and auditing requirements
- 129B Act binds Crown
- 129C Proceedings for offences
- 130 Repeals
- 131 Savings and transitional provisions
132. (Repealed)
- 133 Review of Act
Schedule 1 (Repealed)
