Commonwealth Numbered Acts

PAPUA NEW GUINEA (STAFFING ASSISTANCE) ACT 1973 No. 70, 1973 - SECT 45

45. (1) An investigation as to the state and sufficiency of a Fund shall be
made by the Commonwealth Actuary as at-

   (a)  30th June, 1976; and

   (b)  the expiration of each successive period of three years thereafter.

(2) For the purposes of such an investigation, the rate of interest assumed to
be earned by the assets of the Fund shall be not less than three per centum
per annum.

(3) The Commonwealth Actuary shall report to the appropriate Board the result
of his investigation, and shall state whether any reduction or increase is
necessary in the rates of contribution payable to the Fund or in the
proportion payable by the Commonwealth in respect of any pension and, where
the Fund is found to be more than sufficient to provide for the benefits which
are a charge upon the Fund, he shall also state what additional benefits
could, in his opinion, be provided out of the surplus.