South Australian Repealed Acts South Australian Repealed ActsThis legislation has been repealed.
47B—Post retirement investment
(1) The Board may
offer to accept money from public sector superannuation beneficiaries or the
spouses of public sector superannuation beneficiaries for investment with the
Superannuation Funds Management Corporation of South Australia.
(1a) The Board may, in
relation to a particular type of investment, offer to accept money only from
public sector superannuation beneficiaries, or the spouses of public sector
superannuation beneficiaries, who have received a benefit under a
public sector superannuation scheme.
(2) An offer will be
on terms and conditions determined by the Board following consultation with
the Corporation about matters relevant to the terms and conditions for which
the Corporation is responsible under the
Superannuation Funds Management Corporation of South Australia Act 1995
.
(3) Money accepted by
the Board under subsection (1)—
(a)
will, subject to the terms and conditions of the offer referred to in
subsection (2), be invested by the Corporation in a manner determined by
it; and
(b) may,
if a public sector superannuation beneficiary so requests, be invested for the
benefit of the spouse of the beneficiary.
(4) The Corporation
may enter into transactions affecting that money—
(a) for
the purposes of investment; or
(b) for
purposes incidental, ancillary or otherwise related to investment.
(5) Money that may be
invested by public sector superannuation beneficiaries or their spouses under
this section is not limited to money received by the investor from a
public sector superannuation scheme.
(6) The Board must, in
respect of each financial year—
(a) keep
proper accounts of receipts and payments in relation to money accepted by it
under this section; and
(b)
prepare financial statements in relation to those receipts and payments.
(7) The
Auditor-General may at any time, and must at least once in each year, audit
the accounts and financial statements referred to in subsection (6).
(8) In this
section—
"public sector superannuation beneficiary" means a person who is a member of,
or has received a benefit under, a public sector superannuation scheme (but
does not include a person who has received a benefit under a public
sector superannuation scheme solely by virtue of being the spouse of a member
of such a scheme);
"public sector superannuation scheme" means a scheme of superannuation—
(a)
established under this Act or under any other Act; or
(b)
established for the benefit of employees of an agency or instrumentality of
the Crown.