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SUPERANNUATION FUNDS MANAGEMENT CORPORATION OF SOUTH AUSTRALIA (MISCELLANEOUS) AMENDMENT ACT 2005 (NO 44 OF 2005) - SECT 14

14—Substitution of section 29

Section 29—delete the section and substitute:

29—Progress reports in relation to performance plan

        (1)         Within 1 month after 31 December in each financial year the Corporation must prepare and give to the Minister—

            (a)         a report on its progress in achieving the target for the rate of return on investment and management of the public sector superannuation funds set out in the relevant performance plan for that year; and

            (b)         separate reports in relation to each approved authority on its progress in achieving the target for the rate of return on investment and management of the nominated funds of the approved authority set out in the performance plan for the authority for that year.

        (2)         Within 1 month after the end of each financial year the Corporation must prepare and give to the Minister—

            (a)         a report on the extent to which it has achieved the target for the rate of return on investment and management of the public sector superannuation funds set out in the relevant performance plan for that year; and

            (b)         separate reports in relation to each approved authority on the extent to which it has achieved the target for the rate of return on investment and management of the nominated funds of the approved authority set out in the performance plan for the authority for that year.

        (3)         The Corporation must give a copy of each report prepared under subsections (1)(a) and (2)(a) to each of the superannuation boards.

        (4)         The Corporation must give a copy of each report prepared in respect of an approved authority under subsections (1)(b) and (2)(b) to the approved authority to which the report relates.

        (5)         If, during a financial year, the Corporation is of the opinion that the target in relation to the public sector superannuation funds or the nominated funds of an approved authority for that year is not achievable or a strategy set out in a performance plan should be modified or abandoned because a factor affecting or influencing the investment or management of the public sector superannuation funds or the nominated funds of an approved authority has changed or a new factor has arisen, the Corporation must prepare a report in relation to the matter.

        (6)         A report under subsection (5) must—

            (a)         describe the factor concerned; and

            (b)         explain why the target is not achievable or the strategy should be modified or abandoned; and

            (c)         be prepared and given to—

                  (i)         the Minister; and

                  (ii)         if the report relates to the public sector superannuation funds—each of the superannuation boards; and

                  (iii)         if the report relates to an approved authority—the relevant approved authority,

as soon as practicable after the Corporation forms its opinion on those matters.



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