Superannuation Board Must Use Actuary to Review Fund Every 3 Years; Actuary Must Certify That Member Benefits Are Not Reduced When Trust Deed Changes; Fines for Board Members Who Fail to Make Disclosures
Fire and Emergency Services Superannuation Amendment Bill 2026
Legislative Assembly
Legislative Council
Assent
Links to official parliament websites
Effects of this bill
If this bill passes, it means that:
The Superannuation Board must appoint an actuary who is a Fellow of the Institute of Actuaries of Australia, or a firm that employs one.
The Superannuation Board must have the actuary review the Superannuation Fund at least once every 3 years. The Board must give a copy of this report to the Minister, the Treasurer, the FES Commissioner, and each associated employer within 90 days of receiving it.
The Superannuation Board cannot start a Trust Deed unless the actuary certifies that fund members will have rights and benefits at least equal to what they had before.
The Superannuation Board cannot change the Trust Deed unless the actuary certifies that members' rights remain equal, or at least two-thirds of members agree in writing. This does not apply to changes made to follow State or Commonwealth laws.
The Superannuation Board cannot transfer member benefits to a successor fund without written approval from the Treasurer.
People who have been given a power or duty by the Superannuation Board cannot pass that power or duty on to someone else.
Members of the Superannuation Board can be fined $500 if they fail to make a required disclosure.