Superannuation Industry (Supervision) Regulations 1994

PART 9 - FINANCIAL MANAGEMENT OF FUNDS  

Division 9.3 - Funding and solvency of defined benefit funds  

REGULATION 9.06   INTERPRETATION  

9.06(1)   [Definitions]  

In this Division:

certified minimum contributions
, in relation to a fund, means the minimum contributions certified, in accordance with subregulation 9.10(1) or 9.18(9) , in a funding and solvency certificate.

declared date
, in relation to a defined benefit fund that is technically insolvent, means the date on which a superannuation actuary declares in writing in accordance with paragraph 9.16(1)(a) that the fund is technically insolvent.

effective date
, in relation to a funding and solvency certificate, means the date specified in the certificate as the date on which the certificate takes effect.

expiry date
, in relation to a funding and solvency certificate, means the date specified in the certificate as the date on which the certificate expires.

minimum benefit index
, in relation to a defined benefit fund, means the index calculated in accordance with regulation 9.15 .

notifiable event
, in relation to a defined benefit fund, means:

(a) an amendment of the governing rules of the fund in a way that affects the level, or method of calculation, of the benefits of the fund; or

(aa) the receipt by a trustee of the fund of a written direction from the Regulator under subregulation 9.09(1A) ; or

(b) an event identified by a superannuation actuary, in accordance with paragraph 9.10(1)(c) or 9.18(9)(b) , in a funding and solvency certificate relating to the fund.

period of technical insolvency
, in relation to a defined benefit fund, means the period starting on the declared date and ending:

(a) in the case where the responsible actuary is able to certify the solvency of the fund within 5 years of the declared date - on the effective date of the funding and solvency certificate in which the responsible actuary so certifies; and

(b) in any other case - on the date 5 years after the declared date.

responsible actuary
, in relation to a defined benefit fund, means a superannuation actuary who, under subregulation 9.19(3) , has accepted responsibility for the fund during its period of technical insolvency.

special funding and solvency certificate
means a funding and solvency certificate referred to in subregulation 9.18(2) .

9.06(2)   [Reference to solvency of a fund]  

In this Division, a reference to the solvency of a fund is to be read as a reference to the minimum benefit index of the fund being certified in accordance with this Division as not less than 1.

9.06(3)   [Reference to technical insolvency of a fund]  

In this Division, a reference to the technical insolvency of the fund is to be read as a reference to the minimum benefit index of the fund not being able to be certified in accordance with this Division as not less than 1.