Print at K the appropriate code from table 2 below that best describes the benefit structure of the fund.
Code |
Definition of fund benefit structure |
|---|---|
A |
Your fund is an accumulation fund if your fund provides its members with a benefit that is the total of:
This fund is considered an accumulation fund even if the fund or any of its accounts is paying a superannuation income stream benefit. |
D |
Your fund is a defined benefit fund if your fund provides its members with a benefit that is calculated from a formula based on a combination of factors, including the years of membership in the fund and the average salary level over a specific time. |
U |
Unfunded defined benefit - similar to defined benefit, but the superannuation members' benefits are unfunded. Only governments are allowed to run unfunded defined benefit funds. |
If a fund's benefit structure is a mixture of accumulation and defined benefit (that is, it is a hybrid fund), select D defined benefit fund.