OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

Div 3 inserted by SR No 223 of 1992, reg 8.1, effective 1 July 1992.

Reg 18U omitted by SR No 213 of 1993, reg 13.1, effective 1 July 1992. Reg 18U formerly read:

18U(1)
Unless subregulation 18V(1) applies, the trustees of a fund must obtain the certificate of an actuary:

(a) in respect of a period of 5 years and each succeeding period of 5 years; and

(b) that states the opinion of the actuary as to the minimum rate, or rates, of contribution to the fund by each employer contributing to the fund that is, or are, required in each year of income of the fund in the period concerned for the assets of the fund to be reasonably regarded as sufficient if the fund is terminated in the period:

(i) to pay the minimum requisite benefits in respect of all members of the fund; and

(ii) to meet any liability of the fund with a priority that is not less than a liability referred to in subparagraph (i); and

(iii) to meet the administrative and other costs of operating the fund that would be payable from those assets on termination of the fund.

18U(2)
A certificate begins to have effect:

(a) in respect of the period of 5 years beginning on 1 July 1992:

(i) if a certificate is expressed to take effect on a day on which another certificate is in force - on that day; or

(ii) if subparagraph (i) does not apply:

(A) in the case of a fund established on or after 1 July 1992 - on the day on which the fund is established; and

(B) in the case of a fund established before 1 July 1992 - on 1 July 1993; and

(b) in respect of a subsequent period of 5 years:

(i) if a certificate is expressed to take effect on a day on which another certificate is in force - on that day; or

(ii) if subparagraph (i) does not apply - at the beginning of that period.

18U(3)
A certificate ceases to have effect:

(a) if another certificate takes effect under subparagraph (2)(a)(i) or (2)(b)(i) - at the end of the day before the day on which the other certificate takes effect; and

(b) in any other case - at the end of the period of 5 years for which the certificate is issued.

18U(4)
The trustees of a fund must obtain a certificate in respect of a period of 5 years not less than 12 months before the end of the period to which any current certificate in respect of a period of 5 years relates.

18U(5)
The trustees of a fund must give, as soon as practicable, a copy of a certificate issued under this regulation to the employer of a member of the fund who contributes to the fund in respect of the member.

Reg 18U inserted by SR No 223 of 1992, reg 8.1, effective 1 July 1992.