Superannuation Industry (Supervision) Regulations 1994

PART 9 - FINANCIAL MANAGEMENT OF FUNDS  

Division 9.3 - Funding and solvency of defined benefit funds  

REGULATION 9.13   EFFECT OF NOTIFIABLE EVENTS ON FUNDING AND SOLVENCY CERTIFICATES  

9.13(1)   [``lapsed certificate'']  

In this regulation, lapsed certificate means a funding and solvency certificate that, under subregulation (2), has ceased to have effect because of the occurrence of a notifiable event.

9.13(2)   [Notifiable event occurs]  

If a notifiable event occurs in relation to a defined benefit fund to which this Division applies:

(a) the existing funding and solvency certificate in relation to the fund ceases to have effect at the end of the date on which the notifiable event occurs; and

(b) the trustee of the fund must obtain a new funding and solvency certificate in accordance with this regulation.

9.13(3)   [New certificate]  

The new funding and solvency certificate must be obtained not later than 3 months after the date on which the notifiable event occurs.

9.13(4)   [Kinds of new certificate]  

The new funding and solvency certificate must be of a kind specified by a superannuation actuary at the request of the trustee, being whichever of the following kinds is considered by the superannuation actuary to be most appropriate, taking into account the nature of the notifiable event and its effect on the fund:

(a) a new funding and solvency certificate having the same contents as the lapsed certificate;

(b) a new funding and solvency certificate containing such modifications of the lapsed certificate as are specified by the superannuation actuary;

(c) a new funding and solvency certificate unrelated to the lapsed certificate and relying upon new calculations to be made by the superannuation actuary.

9.13(5)   [Effective date of new certificate]  

The date on which a new funding and solvency certificate obtained under subregulation (2), because of the occurrence of a notifiable event, takes effect must be the date immediately following the date on which the notifiable event occurs.

9.13(6)   [Expiry date]  

The expiry date of the new funding and solvency certificate may be different from the expiry date of the lapsed certificate.