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THE SUPERANNUATION ACT 1988 (BALLARAT DIOCESE)

No. 16
THE SUPERANNUATION ACT 1988

1. There shall be established for the Diocese of Ballarat a fund for the purpose of providing the annuities allowances and grants hereinafter set forth.

2. The Fund shall be managed by the Bishop-in-Council who shall have power to make investments in accordance with the Ballarat Diocesan Trustees and Powers of Investment Act.

3. All investments shall be made in the name of the Ballarat Diocesan Trustees.

4. The annual income of such Fund shall be derived from the following sources:

(a) Any income from the Fund.

(b) Income derived from Clergy Widow and Orphans’ Fund

(c) Any other gifts.

5. The Capital of the Fund shall consist of:

(a) The existing Capital of the Superannuation Fund.

(b) Donations specially given to Capital and legacies specifically willed

to the fund.

(c) The share of the Diocese of Ballarat in the Clergy Widow and Orphans’ Fund of the Dioceses of Melbourne and Ballarat when the amount of such share is available shall be added to and form part of the capital of the Superannuation Fund and the Bishop-in-Council is hereby empowered to receive such share and to give a valid receipt and discharge therefore.

6. Grants may be made from the Fund to:

(a) Any Bishops or Clergyman of the Diocese of Ballarat on retirement.

(b) Any widow or dependent of a Bishop or Clergyman of the Diocese of Ballarat, at such rates determined from time to time by Bishop-in-Council. Grants may be varied at the discretion of Bishop-in-Council.

7. A statement of accounts for the preceding financial year duly certified by the diocesan auditor shall be prepared and placed before Synod for its information at its next ensuing session.