South Australian Consolidated Acts South Australian Consolidated Acts (1) The Board will
maintain accounts in the names of all contributors and each account will state
whether the contributor is an old scheme contributor or a
new scheme contributor.
(2) A contributor's
account must be debited with any payment that is, in pursuance of this Act, to
be charged against that account.
(3) At the end of each
financial year, each contributor's account that has a credit balance will be
varied—
(a) if
the account is in the name of an old scheme contributor—to reflect a
rate of return determined by the Board in relation to the contribution
accounts of old scheme contributors for the relevant financial year;
(b) if
the account is in the name of a new scheme contributor—to reflect a
rate of return determined by the Board in relation to the contribution
accounts of new scheme contributors for the relevant financial year.
(4) In determining a
rate of return for the purposes of subsection (3), the Board should have
regard to—
(a) the
net rate of return achieved by investment of the relevant division of the Fund
over the financial year or, if a new scheme contributor has made a nomination
under subsection (4a), the net rate of return achieved by the class of
investments, or the combination of classes of investments, nominated by the
contributor; and
(b) the
desirability of reducing undue fluctuations in the rate of return on
contributors' accounts.
(4a) If the Fund is
invested in different classes of investments, the Board may, with the
agreement of the Superannuation Funds Management Corporation of South
Australia, permit new scheme contributors, on such terms and conditions as it
thinks fit, to nominate the class of investments, or the combination of
classes of investments, for the purpose of determining the rate of return
under this section.
(4b) If a contributor,
after nominating a class of investments under subsection (4a),
subsequently varies the nominated class of investments, the Board may charge a
fee (to be fixed by the Board) to the contributor's contribution account in a
manner determined by the Board.
(5) Where, in
pursuance of subsection (4)(b), the Board determines a rate of return
that is at variance with the net rate of return achieved by investment of the
relevant division of the Fund, the Board must include its reasons for the
determination in its report for the relevant financial year.
(6) Where it is
necessary to determine the balance of a contributor's account and the Board
has not yet determined a rate of return in relation to the relevant financial
year, the balance will be determined by applying a percentage rate of return
on accounts estimated by the Board.
(6a) A balance
determined under subsection (6) will not be adjusted when a
rate of return is subsequently determined under subsection (3).
(7) A reference in
this section to "rate of return" is a reference to a positive or a negative
rate of return.