OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART 3B - PRE-1 JULY 1988 FUNDING CREDITS AND DEBITS  

REGULATION 23PO  

23PO   TRANSFER OF PJFCs - REQUIREMENTS TO BE SATISFIED  
The requirements referred to in paragraph 23PL(2)(a) and 23PM(2)(a) are that:

(a) an actuary certifies that the amount of the PJFC to be transferred is reasonable having regard to:

(i) the amount of unfunded liability to be transferred from the transferor fund; and

(ii) the amount of the remaining unfunded liability of that fund;

in relation to the amount of benefits that have accrued before 1 July 1988; and

(b) the trustees of the transferor fund have been given notice by the Commissioner of the grant of the PJFC under subsection 15D(2) of the Act; and

(c) at the date of the transfer the amount of the PJFC to be transferred is equal to or less than the amount of the pre-1 July 88 funding credit balance of the transferor fund; and

(d) the transferee fund has received notice from the Commissioner in relation to the year of income in which the transfer is to take place:

(i) under subsection 12(3) of the Act - that the Commissioner is satisfied that the fund satisfied the superannuation fund conditions in that year of income; or

(ii) under subsection 13(1) of the Act - that the Commissioner is satisfied that the fund should be treated as if the fund had satisfied the superannuation fund conditions in that year of income; and

(e) an actuary certifies that sufficient information is available about the accrued entitlements of members of the transferor fund as at 30 June 1988 to enable calculations to be made after that date to ascertain whether a prescribed event has occurred.