New South Wales Consolidated Acts

STATE PUBLIC SERVICE SUPERANNUATION ACT 1985 - SECT 9

9 Certain accounts to be kept

(2) The Board shall establish and maintain within the Fund a separate account for each contributor:

(a) to which shall be credited:

(i) the contributions made by the contributor to the Fund, and

(ii) the contributor’s component of a refund of benefit made by a contributor pursuant to section 18 (resumption of contributions after break in employment), and

(b) to which shall be debited:

(i) where the contributor is covered for the supplementary benefit-the amount of the supplementary levy,

(ii) the amount of the contributor’s component of any benefit paid to, or in relation to, the contributor, and

(iii) the administration levy.

(3) The Board shall establish and maintain within the Fund a Supplementary Levy Account:

(a) to which shall be credited the amounts debited pursuant to subsection (2) (b) (i), and

(b) to which shall be debited 25 per cent of any supplementary benefit paid to, or in relation to, a contributor.

(4) The Board shall establish and maintain within the Fund a separate account for each employer:

(a) to which shall be credited:

(i) the contributions or other payments made by the employer to the Fund, and

(ii) so much of a benefit paid to a contributor as was paid by the employer and refunded by the contributor pursuant to section 18 (resumption of contributions after break in employment), and

(b) to which shall be debited:

(i) so much of any benefit payable to, or in relation to, a contributor employed by the employer as comprises the employer-financed benefit, the amount payable where 2 or more employers employed the contributor between entry date and exit date being calculated as prescribed,

(ii) the amount of the employer’s share of management costs referred to in section 46 (2), and

(iii) interest payable by the employer under section 58.

(5) The Board shall establish and maintain within the Fund such other accounts as, in the opinion of the Board, are necessary or convenient for the management of the Fund and the administration of this Act.