Superannuation (Distribution of Surplus) Act 1974

The Superannuation (Distribution of Surplus) Act 1974 (No. 15 of 1974) aims to distribute the surplus amount of $70,015,000 from the Fund to eligible contributors and pensioners. The Act defines eligible contributors and pensioners as those who have made contributions to the Fund or have a non-contributory pension before the end of the relevant period (10 years that ended on 30 June 1972).

The Act specifies the distribution of the surplus amount:
- $52,525,000 will be distributed to eligible contributors
- $17,490,000 will be distributed to eligible pensioners

The Treasurer will fix dates for the distribution of the amounts to contributors and pensioners. The amounts will be allocated based on actuarial principles and practice, ensuring a fair and reasonable basis. Payments will be made out of the Fund to eligible contributors and pensioners, and in cases of death, the amount will be paid to the beneficiary if alive, or to other persons determined by the Board.