Document ID: chunk:federal_register_of_legislation:C2004A00074:section:5
Version: federal_register_of_legislation:C2004A00074
Segment Type: section
Provision Reference: s 5
Character Range: 4851–7390

5  Distribution of surplus
 (1) The Treasurer shall, by notice published in the Gazette:
 (a) fix a date as at which the amount referred to in paragraph (2)(b) shall be distributed to or in respect of eligible contributors; and
 (b) fix a date as at which the amount referred to in paragraph (3)(b) shall be distributed to or in respect of eligible pensioners.
 (2) As soon as practicable after the date has been fixed in accordance with paragraph (1)(a), the Board shall:
 (a) ascertain the amount (in this subsection referred to as the relevant amount) that is equal to the sum of:
 (i) the amount available for distribution to or in respect of eligible contributors; and
 (ii) an amount determined by the Treasurer, after receiving advice from the Board, to be the amount that will have accrued to the Fund, in respect of the period that commenced on 1 July 1972 and ends on the date so fixed by reason of the retention in the Fund during that period of the amount available for distribution to or in respect of eligible contributors; and
 (b) allocate among eligible contributors, in such manner as the Treasurer, after receiving advice from the actuary, determines, the amount nearest to the relevant amount that it is practicable to allocate in that manner among eligible contributors.
 (3) As soon as practicable after the date has been fixed in accordance with paragraph (1)(b), the Board shall:
 (a) ascertain the amount (in this subsection referred to as the relevant amount) that is equal to the sum of:
 (i) the amount available for distribution to or in respect of eligible pensioners; and
 (ii) an amount determined by the Treasurer, after receiving advice from the Board, to be the amount that will have accrued to the Fund in respect of the period that commenced on 1 July 1972 and ends on the date so fixed by reason of the retention in the Fund during that period of the amount available for distribution to or in respect of eligible pensioners; and
 (b) allocate among eligible pensioners, in such manner as the Treasurer, after receiving advice from the actuary, determines, the amount nearest to the relevant amount that it is practicable to allocate in that manner among eligible pensioners.
 (4) In furnishing advice to the Treasurer for the purposes of subsection (2) or (3), the actuary shall have regard to actuarial principles and practice and shall take into account all matters relevant to ensure that the amount to be distributed will be allocated among the persons concerned on a fair and reasonable basis.