South Australian Repealed Acts

This legislation has been repealed.

SOUTHERN STATE SUPERANNUATION ACT 1994 - SECT 27

27—Employer contribution accounts

        (1)         The Board must maintain employer contribution accounts in the names of all members.

        (2)         A member's employer contribution account must be credited with amounts that are equivalent to the amounts paid or payable by the member's employer to the Treasurer under section 26(1) in respect of salary paid to the member.

        (2a)         The employer contribution account of a member referred to in section 26(1a) must be credited with amounts that are equivalent to the amounts paid or payable by, or on behalf of, the member's employer to the Treasurer under section 26(1a) in respect of the member.

        (2b)         The employer contribution account of a person who has elected to become a member of the Triple S scheme under section 15B or section 15C, or is taken to have elected to become a member under section 15C, must be credited with amounts that are equivalent to the amounts paid or payable by, or on behalf of, the member's employer to the Treasurer under section 15B(2) or 15C(2) in respect of the member.

        (3)         At the end of each financial year, each member's employer contribution account will be adjusted to reflect a rate of return equivalent to the rate of return on investments of the Southern State Superannuation (Employers) Fund determined by the Board under section 11 in respect of the relevant financial year or, where the member has made a nomination under subsection (4), equivalent to the rate of return on the nominated class of investments, or combination of classes of investments, determined by the Board.

        (4)         Where the Southern State Superannuation (Employers) Fund is invested in different classes of investments, the Board may, with the agreement of the Treasurer, permit members, on such terms and conditions as it thinks fit, to nominate the class of investments, or combination of classes of investments, for the purpose of determining the rate of return under subsection (3).

        (5)         A member cannot nominate a class of investments, or a combination of classes of investments, under subsection (4) if he or she does not at the same time nominate the same class or combination of classes of investments under section 7A(3).

        (6)         If, when the employer component is to be paid under Part 5 or an amount is to be paid under section 16(4), the rate of return for the relevant financial year has not been determined under section 11, the rate of return will be equivalent to the rate of return on investments of the Southern State Superannuation (Employers) Fund estimated by the Board for that year (there will be no adjustment when the rate of return is subsequently determined under section 11).

        (7)         The following amounts must be debited against the employer contribution accounts of members (other than members referred to in subsection (7a)):

            (a)         an administrative charge to be fixed by the Board (different charges may be fixed depending on the balance of members' accounts or any other relevant factor); and

            (b)         the amount of the premium fixed by or under the regulations in respect of the basic invalidity/death insurance and the voluntary invalidity/death insurance (if any) for each member; and

            (c)         a disability pension premium which, subject to subsection (9), will be an amount fixed by the Board.

        (7a)         The following amounts must be debited against the employer contribution accounts of persons who have elected to become members of the Triple S scheme under section 15B or 15C, or are taken to have elected to become members under section 15C:

            (a)         an administrative charge to be fixed by the Board (different charges may be fixed depending on the balance of members' accounts or any other relevant factor);

            (b)         the amount of the premium fixed by or under the regulations in respect of the voluntary invalidity/death insurance (if any) for each member.

        (8)         The Board must keep a record of the aggregate of the amounts debited against employer contribution accounts under subsection (7)(b) and must provide the Treasurer with that information for the purposes of section 10(1a).

        (9)         A disability pension premium is not payable under subsection (7)(c) in relation to—

            (a)         a member who is not entitled to a disability pension under section 33A under any circumstances; and

            (b)         a member who is exempted under section 33A(15) from the ambit of section 33A.

        (10)         A reference in this section to "rate of return" is a reference to a positive or a negative rate of return.

        (11)         This section does not apply in relation to a person who is a member of the scheme by virtue only of section 14(10) or (10a) (or both).