Western Australian Consolidated Acts

SUPERANNUATION AND FAMILY BENEFITS ACT 1938 - SECT 30

30 .         Investigation by actuary

        (1)         Investigations shall be made as to the state and sufficiency of the Fund as at 30 June 1984 and as at 30 June in every succeeding year.

        (2)         The investigation shall be made by the State Government Actuary or by an actuary appointed by the Board.

        (2a)         Where an investigation as to the state and sufficiency of the Fund as at 30 June in a year is carried out under section 17 of the State Superannuation Act 2000 , that investigation shall be deemed for the purposes of this section to be an investigation made under subsection (1).

        (3)         For the purposes of the investigation, the rate of interest assumed to be earned by the assets of the Fund shall be not less than 3¾ % per annum.

        (4)         The State Government Actuary or the actuary, as the case may be, making the investigation shall report to the Board the result of his investigation, and shall state whether any reduction or increase is necessary in the rates of contributions payable to the Fund or in the proportion payable by the State in respect of any pension.

        (5)         Where in relation to any financial year the amount that the Treasurer, on the advice of an actuary, considers it appropriate to regard as the amount earned by the Fund is less than the amount required to provide the rate specified in subsection (3), the State shall credit to the Fund an amount equal to the difference between those amounts.

        (6)         If any investigation made under this section discloses a surplus of assets over liabilities of the Fund, the amount of the surplus shall be set off against the amount or amounts otherwise payable by the State to the Fund under subsection (5).

        (7)         The remuneration paid to any actuary appointed by the Board in relation to any investigation made by him under this section shall be deemed to be part of the general expenses of the Board incurred in the administration of this Act.

        [Section 30 amended by No. 65 of 1947 s.4; No. 106 of 1965 s.3; No. 134 of 1976 s.5; No. 30 of 1984 s.6; No. 17 of 1987 s.10; No. 8 of 1993 s.66; No. 49 of 1996 s.64; amended in Gazette 16 February 2001 p.1019.]