New South Wales Consolidated Acts

GENERAL GOVERNMENT LIABILITY MANAGEMENT FUND ACT 2002 - SECT 6

6 Payments out of the Fund

(1) There is to be paid out of the Liability Management Fund the money required or permitted to be paid out of the Fund by or under this or any other Act.

(2) The Ministerial Corporation may direct that money be paid out of the Liability Management Fund for any of the following purposes:

(a) to pay employer contributions to the STC Fund on behalf of agencies, in order to meet accruing or accrued superannuation liabilities of the STC Fund,

(b) to pay pensions or superannuation benefits under the Judges' Pensions Act 1953 ,

(c) to pay the superannuation contributions surcharge under the Superannuation Contributions Tax Imposition Act 1997 of the Commonwealth on surchargeable contributions made under the Judges' Pensions Act 1953 ,

(d) to reimburse the Department of Justice for amounts paid by the Department for any of the purposes mentioned in paragraphs (b) and (c),

(e) subject to subsection (3), to repay, on or before maturity, borrowings raised by the Treasury Corporation.

(3) Money may be paid out of the Liability Management Fund to repay borrowings raised by the Treasury Corporation only if:

(a) an actuary of the STC Fund has given to the Treasurer a report on the amount of the net liabilities of the STC Fund as at 30 June immediately preceding the date of the proposed repayment, and

(b) the amount of money to be paid out is not greater than the amount (if any) in the Liability Management Fund that is in excess of the net liabilities of the STC Fund as at that 30 June.

(4) Money may be paid out of the Liability Management Fund to meet expenses related to the Fund or the Ministerial Corporation.

(5) The Ministerial Corporation may invest money in the Liability Management Fund that is not immediately required for the purposes of the Fund:

(a) if the Ministerial Corporation is a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018 --in any way that the Ministerial Corporation is permitted to invest money under that Part, or

(b) if the Ministerial Corporation is not a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018 --in any way approved by the Treasurer.

(6) In this section,
"employer contributions" means the amount that the Treasurer, on actuarial advice, determines to be the Crown Entity's liability, for the period to which the payment relates, to contribute towards the provision of superannuation benefits payable under an Act under which an STC scheme is established or constituted.