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SUPERANNUATION ADMINISTRATION ACT 1996


- As at 5 December 2023 
- Act 39 of 1996 

TABLE OF PROVISIONS

           Long Title

   PART 1 - PRELIMINARY

   1.      Name of Act
   2.      Commencement
   3.      Objects of Act
   4.      Definitions
   5.      (Repealed)
   6.      Notes in text

   PART 2 - (Repealed)
   None

   PART 3 - TRUSTEE FOR STC SCHEMES (STC)
   Note

           Division 1 - Establishment and principal functions of STC

   48.     Continuation of STC (formerly the State Authorities Superannuation Board)
   49.     STC to be trustee for STC schemes
   50.     Principal functions of STC
   51.     Duties relating to functions
   52.     Government policy statements to be laid before Parliament
   53.     Power to enter into contracts or arrangements
   54.     Minister's consent required
   55.     STC to be subject to Minister's directions in certain circumstances
   56.     Direction to be laid before Parliament
   57.     Powers of STC

           Division 2 - Investment of STC funds

   58.     Investment strategy
   59.     Investment manager to be appointed
   60.     Mandated investment managers
   61.     (Repealed)
   62.     Borrowing and investment powers
   63.     Restrictions on investment powers

           Division 3 - Administration of STC schemes

   64.     Administrator to be appointed
   65.     Provision of additional benefits
   66.     STC may compromise or settle claims
   67.     Determination of disputes
   68.     Evidence from third parties

           Division 4 - Management of STC

   69.     STC Board
   70.     Chairperson of STC Board
   71.     Employer representative members
   72.     Employee representative members
   73.     Duties of members of STC Board
   74.     Chief executive officer of STC
   75.     Staff
   76.     Agents
   77.     Delegation of functions
   78.     Committees
   79.     Corporate plan
   80.     Personal and other liability
   80A.    STC not to indemnify officers without Ministerial approval

           Division 5 - Financial provisions

   81.     Amalgamation of funds and adjustment of accounts
   81A.    Adjustment of employer reserves for surplus funds
   82.     Re-establishment of separate funds and subsequent amalgamation
   83.     Powers of STC
   84.     STC to maintain administration account
   85.     Administration costs generally
   86.     Source of administration costs
   87.     Financial year of STC

           Division 6 - Miscellaneous

   88.     Appeals
   89.     STC Board must report events affecting functions
   90.     Provision of information to relevant Ministers
   90A.    (Repealed)
   91.     Accounts and records of STC
   92.     Service of documents
   93.     Proof of certain matters not required
   94.     Recovery of amounts payable by STC
   95.     Seal of STC

   PART 4 - MONITORING STC

   96.     Definition
   97.     Information to be given to Minister and authorised persons
   98.     Minister and authorised persons may require production of books
   99.     Access to premises
           100-118. (Repealed)

   PART 5 - OFFENCES AND REMEDIES RELATING TO OFFICERS

   119.    Duties and liabilities of persons involved in management
   120.    Recovery of profits from officers
   121.    Contraventions of trustee duties
   122.    Defence relating to investment strategy
   123.    Defence relating to management of reserves
   124.    Defences relating generally to actions arising from breach of duties

   PART 6 - PUBLIC SECTOR SCHEMES

   125.    Additional State public sector superannuation schemes
   126.    Provisions consequent on establishment of additional superannuation schemes
   126A.   Mobility between public sector schemes and LGSS
   127.    Provisions consequent on extension of superannuation schemes to additional persons

   PART 7 - SUCCESSOR FUNDS

   127AA.  Definitions
   127A.   Transfers from STC schemes to successor funds
   127B.   Transfers from EISS and LGSS to successor funds
   128.    Mobility between public sector schemes and successor funds
   128A.   Regulations about mobility between funds
   128B.   Part has effect despite other Acts and trust deeds

   PART 8 - MISCELLANEOUS

   128C.   Conversion of FSS Trustee Corporation into proprietary company
   129.    Regulations
   129A.   Prudential standards or reporting and auditing requirements
   129B.   Act binds Crown
   129C.   Proceedings for offences
   130.    Repeals
   131.    Savings and transitional provisions
   132.    (Repealed)
   133.    Review of Act
           Schedule 1 (Repealed)
           SCHEDULE 2
           SCHEDULE 2A
           SCHEDULE 3
           Schedule 4 (Repealed)


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