Document ID: chunk:federal_register_of_legislation:F2021C00237:reg:7:p33
Version: federal_register_of_legislation:F2021C00237
Segment Type: reg
Provision Reference: reg 7 (pt 33/46)
Character Range: 124771–127684

under Rule 3.1.11A.

Division 2  Crediting of fund earnings and debiting of fund losses

   Crediting of earnings and debiting of expenses and losses

 5.2.1 CSC may determine the amounts to be credited or debited to a person's personal accumulation account under Rule 5.1.5(e) and 5.1.6(c) that reasonably reflects the after tax earnings or losses derived from the investment of the amount in the account.
 5.2.2 In determining the amount referred to in Rule 5.2.1 CSC must have regard to:
           (a) the charges, costs and expenses incurred in the investment of amounts in all personal accumulation accounts; and
           (b) if, under Rule 5.4.1, a PSSAP member may choose between two or more investment strategies — the investment strategies chosen by the PSSAP member for their personal accumulation account.
     Note:   The PSSAP is subject to provisions relating to financial management of funds (including solvency and winding up of accumulation funds) set out at Part 9 of the SIS Regulations.

Division 3  Superannuation surcharge

    Application of the Superannuation Contributions Tax

 5.3.1 CSC must pay from the PSSAP Fund any amount of surcharge payable in respect of an assessment of surcharge on surchargeable contributions for a PSSAP member held in the PSSAP Fund.
     Note:   As well as covering possible surcharge assessments received in respect of surchargeable contributions made on or after 1 July 2005 (legislation has been introduced in Parliament to abolish the surcharge from 1 July 2005), Rule 5.3.1 will cover surcharge assessments received in relation to surchargeable contributions made before 1 July 2005 and transferred by PSSAP members to the PSSAP Fund.

Division 4  Member investment choice

   Member Investment Choice

 5.4.1 CSC may offer PSSAP members the opportunity to elect to have amounts held in their personal accumulation account invested in accordance with a particular investment strategy.
 5.4.2 CSC may determine when and how PSSAP members, or particular PSSAP members, may make or change an election about their choice of investment strategy.
 5.4.3 CSC may determine, in relation to choice of investment strategy, the fees, costs and expenses to be paid from a person's personal accumulation account, including, fees, costs and expenses in connection with the investment of contributions, the realisation of those investments, the choice of an investment strategy and changes to an investment strategy.

Division 5  Incorrectly paid amounts

   CSC must redirect incorrectly paid amounts and correct the PSSAP Fund

 5.5.1 If any moneys paid to or withdrawn from the PSSAP Fund, in the opinion of CSC, have been paid to or withdrawn from the PSSAP Fund by mistake (whether of law or of fact), CSC must take steps to correct the mistake, including:
           (a) in the case of moneys paid by mistake — refunding those moneys to the person