Queensland Numbered Acts

QUEENSLAND FUTURE FUND ACT 2020 - SECT 24

24 Insertion of new s 29A

After section 29 —
insert—

29A State to hold assets in relation to defined benefit liabilities

(1) The State is to hold assets that are at least equal in value to the accrued liability of the State in relation to defined benefits, measured at least once every 3 years.

(2) For subsection (1), the accrued liability of the State in relation to defined benefits is the actuarial value of the accrued benefits of defined benefit members less the value of the fund that is attributed in an actuarial investigation to defined benefit members.

(3) For subsection (2), the actuarial value of the accrued benefits of defined benefit members is to be determined using the assumptions that are used in the actuarial investigation mentioned in the subsection to determine recommended contributions to the fund.

(4) In this section—

"actuarial investigation" means an investigation of the state and sufficiency of the fund carried out by an actuary under the deed.

"defined benefit members" see section 29(3).

"defined benefits" see section 29(3).