New South Wales Consolidated Acts

STATE AUTHORITIES SUPERANNUATION ACT 1987 - SECT 11

11 Establishment of the Fund

(1) The Board shall establish, and shall maintain and administer, the State Authorities Superannuation Fund.

(2) The Public Authorities Superannuation Fund established under the Public Authorities Superannuation Act 1985 is amalgamated with, and forms part of, the Fund.

(3) STC shall cause to be paid to the Fund:

(a) contributions or payments made by employers and employees,

(b) income derived from investment of the Fund, and any profit made from realisation of any investment of the Fund,

(c) money borrowed for the purposes of the Fund, and

(c1) any fees paid to STC arising under the family law superannuation legislation or Part 5AA, and

(d) any other amounts payable to the Fund.

(4) STC shall cause to be paid from the Fund:

(a) by transfer from the Fund to the Administration Account-administration costs incurred by STC under the Superannuation Administration Act 1996 and administration costs arising under the family law superannuation legislation or Part 5AA,

(b) such amounts as are necessary to satisfy any liability of the Fund with respect to tax payable under any Commonwealth taxation law or an amount of superannuation contributions surcharge payable,

(c) the benefits payable under this Act and any other prescribed superannuation scheme, and

(c1) other amounts payable by STC and arising under the family law superannuation legislation or Part 5AA, and

(d) any other amounts payable from the Fund.

(5) If a loss is incurred in realising any investment forming part of the assets of the Fund, the Fund is accordingly reduced by the amount of that loss.