South Australian Numbered Acts

PARLIAMENTARY SUPERANNUATION (SCHEME FOR NEW MEMBERS) AMENDMENT ACT 2005 (NO 43 OF 2005) - SECT 10

10—Amendment of section 13B—Accretions to members' accounts

        (1)         Section 13B(1)—after "contribution account" insert:

and rollover account (if any)

        (2)         Section 13B(2)—delete subsection (2) and substitute:

        (2)         In determining a rate of return for the purposes of subsection (1), the Board should have regard to—

            (a)         the net rate of return achieved by investment of the Fund over the relevant financial year; and

            (b)         if a PSS 3 member has made a nomination under subsection (2a), the net rate of return achieved by the classes of investments, or the combination of classes of investments, nominated by the member.

        (2a)         If the Fund is invested in different classes of investments, the Board must permit a PSS 3 member, on such terms and conditions as the Board thinks fit, to nominate the class of investments, or combination of classes of investments, for the purpose of determining the rate of return under this section.

        (2b)         A PSS 3 member cannot nominate a class of investments, or a combination of classes of investments, under subsection (2a) if he or she does not at the same time nominate the same class or combination of classes of investments under section 14D(4) (unless he or she is a PSS 3 member by virtue of section 7F).

        (3)         Section 13B(3)—delete "subsection (2)(b)" and substitute:

subsection (2)(a)