Northern Territory Numbered Acts Northern Territory Numbered ActsSection 41
repeal, substitute
(1) The Commissioner may, with the Investment Board's approval, offer members and adherents of the Scheme a choice between various investment options approved by the Investment Board.
(2) When the Commissioner offers investment options, one of the options is to be designated as the default option.
(3) A member or adherent of the Scheme may choose a particular investment option, or change from one investment option to another, by giving the Commissioner a notice in the approved form.
(4) A member or adherent who has not made a choice between investment options is taken to have chosen the default option until a choice to change from that option is made.
(5) The money standing to the credit of the accumulation account of a member or adherent is to be allocated to investments of a class determined by the Commissioner to be appropriate to the investment option chosen, or taken to have been chosen, by the member or adherent.
(6) The Commissioner may charge an administration fee fixed by the Commissioner against an accumulation account when the member or adherent changes from one investment option to another.
(1) The Commissioner:
(a) must, as soon as practicable after the end of each financial year, publish a notice (a final investment return notice ) showing the net rate of return (which may be positive, neutral or negative) for the financial year on the investments corresponding to each investment option; and
(b) may at other times, as the Commissioner considers appropriate, publish a notice (an interim investment return notice ) showing the rate of return (which may be positive, neutral or negative) for part of a financial year.
(2) An investment return notice is to be published as follows:
(a) a final investment return notice is to be published in the Gazette and in any other way the Commissioner considers appropriate;
(b) an interim investment return notice is to be published in any way the Commissioner considers appropriate.
(3) On publication of the final investment return notice for a financial year, each accumulation account will be credited (or debited), as at the end of the financial year, with an investment return at the rate appropriate to the investment option chosen, or taken to have been chosen, by the member or adherent in whose name the account is established.
(4) If the balance standing to the credit of an accumulation account is to be rolled over into another superannuation fund, or paid out for some other reason, during the course of a financial year, the Commissioner will, having regard to any relevant interim investment return notice and other relevant information available to the Commissioner, determine an interim rate of return for the relevant investment option to the date of the rollover or payout, and adjust the final balance of the account accordingly.
(5) If, after the publication of an interim or final investment return notice under this section, it appears that an error was made in determining the rate of return for one or more investment options, the Commissioner may:
(a) publish a fresh notice in the Gazette correcting the error; and
(b) make consequential adjustments (if required) increasing or reducing the balances of accumulation accounts.