Document ID: chunk:federal_register_of_legislation:C1965A00097:body:0:p34
Version: federal_register_of_legislation:C1965A00097
Segment Type: other
Provision Reference: 
Character Range: 81411–84215

the actuary so appointed is not available to perform functions under this Part, such other actuary as the Treasurer appoints;
       "the quinquennium" means the period of five years that ended on the thirtieth day of June, One thousand nine hundred and sixty-two.
(2.) Expressions used in this Part that are also used in the Superannuation Act 1922-1965 have in this Part, unless the contrary intention appears, the same respective meanings as they have in that Act.

Calculation and apportionment of surplus.
60. For the purposes of this Part, the actuary shall—
       (a) calculate the amount (in this Part referred to as "the surplus") by which, in his opinion, the Superannuation Fund was, at the end of the quinquennium, more than sufficient to provide for the benefits that were a charge upon the Fund as at that time;
       (b) calculate the amount of the surplus equal to the amounts that, by virtue of this Act, are, or may be, required to be paid from the Provident Account in respect of the quinquennium;
       (c) calculate the amount of the remainder of the surplus that is available for distribution to eligible contributors and the amount of the remainder of the surplus that is available for distribution to eligible pensioners; and
       (d) notify the Treasurer in writing of the amounts so calculated.

Distribution of surplus among individual contributors.
61.—(1.) The amount of the surplus available for distribution to eligible contributors shall be distributed among those contributors as the Treasurer, after receiving advice from the actuary, determines.
(2.) In furnishing advice to the Treasurer for the purposes of the last preceding sub-section, the actuary shall have regard to actuarial principles and practice and shall take into account all relevant matters, including—
       (a) the number of units of pension (including reserve units of pension), if any, for which each contributor was contributing at the beginning of the quinquennium, and at the thirtieth day of June in each year included in the quinquennium;
       (b) in respect of each such unit of pension—
             (i) whether the contributor was a contributor for or in respect of the unit of pension during the whole of the quinquennium and, if not, the part of the quinquennium during which he was a contributor for or in respect of the unit of pension; and

             (ii) whether the contributor has at any time deferred payment of any contributions for or in respect of the unit of pension and, if so, whether those contributions have been paid;
       (c) in respect of each reserve unit of pension—whether the contributor has discontinued his contributions for or in respect of the reserve unit of pension;
       (d) the interest earned by the assets of the Fund during the quinquennium;