6. Exercise of Discretionary Powers
6.1 The Act provides the Government Actuary with various discretionary powers.
My general preference is to seek to persuade trustees to comply with the Act, rather than to force compliance by exercising the powers contained in the Act.
However, where I do exercise - or indicate that I may exercise - discretionary powers under the Act, it is usually with a view to making trustees realise the seriousness of a situation, and giving them a final opportunity to correct a problem.
6.2 Examples of instances where I have felt it necessary to exercise my powers under the Act, or would very probably have exercised those powers if trustees had not accepted an invitation to address a particular matter, are as follows:
- Directions to trustees (section 20)
- Trustees required to supply Government Actuary with specified information (section 24)
- Administration Manager to supply Government Actuary with specified information (section 24)
- Deregistration of scheme (section 20)
- Deregistration of scheme, and sections 8 to 10 of the Act to cease to be implied in the trust deed (sections 19(2) and 19(3)) and
- Order the wind up of a scheme (section 20)
6.3 During the year, I was not required to approve any requests under section 22 of the Act for superannuation scheme assets to revert to an employer.
6.4 A number of requests were received for information. Nearly all of these requests could be classified as:
- copies of superseded trust deeds and amending deeds, scheme members information booklets, actuarial reports, trustees annual reports, or specified correspondence;
- requests for marketing information; or
- requests for statistical data.
All formal requests consistent with office guidelines were met where the office held the information requested.
Back to Top