Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Accounts to be kept
11. The Minister must cause to be kept proper accounts and records of all transactions and affairs relating to the Pension Fund and must do all things necessary to ensure that all payments out of the Fund are correctly made and properly authorised and that adequate control is maintained over the assets and receipts of the Fund.
Financial statements and audit
12.—(1) The Minister must, as soon as practicable after the close of each financial year, cause to be prepared and submitted financial statements in respect of that year to the Auditor-General who must audit and report on them. (2) In this section, the financial year of the Pension Fund begins on 1 April of each year and ends on 31 March of the succeeding year.
Periodic examination of Pension Fund
13.—(1) For successive periods of any duration, not exceeding 5 years, that the Minister may determine in each case, an examination of the Pension Fund must be made by a person appointed by the Minister. (2) Despite subsection (1), where an amendment is made —(a) to the Schedule or to any written law specified in the Schedule; or (b) to any prescribed superannuation scheme or to any regulations relating to that scheme, and the amendment affects the cost of benefits payable under the law or scheme or creates an initial unfunded liability, the Minister must, for the purposes of section 4(1)(a), appoint a person to make an examination and report on the state of the Pension Fund. (3) The person appointed under subsection (1) or (2) must, at the end of the examination, report to the Minister the state of the Pension Fund having regard to its prospective liabilities and the probable annual provisions required by the Fund to meet those liabilities. (4) The Minister must cause a copy of every such report to be presented to Parliament forthwith after receiving it.
Application of Financial Procedure Act 1966
14. Unless otherwise expressly provided in this Act, the provisions of the Financial Procedure Act 1966 and any of its regulations apply to the Pension Fund.
Regulations
15. The Minister may make regulations prescribing all matters that are required to be prescribed or are necessary or expedient for carrying out or giving effect to this Act.
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Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Read the official text ↗
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