Northern Territory Numbered Acts

SUPERANNUATION LAW REFORM ACT 2007 (NO 36 OF 2007) - SECT 38

Sections 4A and 4B

repeal, substitute

4A     Members' accumulation accounts

    (1)     The Trustees must keep a separate account in the accounts of the Fund for each member and each former member who retains an interest in the Fund.

    (2)     The account must record:

    (a)     all contributions made by the member; and

    (b)     the return on the account for each financial year.

4B     Return on accumulation accounts

    (1)     The Trustees must, as soon as practicable after the end of each financial year, determine the rate of return (which may be positive, neutral or negative) on accumulation accounts for the financial year.

    (2)     The return is to be credited (or debited) to accumulation accounts as at the end of the financial year.

    (3)     If an accumulation account is to be closed during the course of a financial year, the Trustees must determine the rate of return (which may be positive, neutral or negative) on the accumulation account for the relevant part of the financial year.

    (4)     The return is to be credited (or debited) to the relevant accumulation account as at the date of closure of the account.

    (5)     A rate of return determined under this section must approximate, in the Trustees' opinion, the net rate of return on the investment of the Fund for the relevant period.

    (6)     When a member's accumulation account is credited (or debited) under this section, the Trustees must forward to the member a statement showing:

    (a)     the amount standing to the member's credit in the accumulation account; and

    (b)     the amount and rate of the return.