Superannuation Industry (Supervision) Regulations 1994
PART 9
-
FINANCIAL MANAGEMENT OF FUNDS
Division 9.2
-
Financial position of funds
REGULATION 9.03
WHETHER THE FINANCIAL POSITION OF A DEFINED BENEFIT FUND MAY BE ABOUT TO BECOME UNSATISFACTORY
-
MATTERS TO CONSIDER
9.03(1)
For the purposes of subsection 130(6) or 130AA(11A) of the Act or subregulation 9.31(3) of these Regulations, in forming an opinion whether the financial position of a defined benefit fund may be about to become unsatisfactory, a person must consider whether, at the end of the 3-year period immediately following the date at which the person ' s calculations are done, the value of the assets of the fund is likely (based on the expectations referred to in subregulation (2) ) to be inadequate to meet the value of such of the liabilities of the fund as relate to the benefits vested in the members of the fund.
9.03(2)
For the purposes of subregulation (1) , the likelihood of the value of assets being inadequate must be based; (a) if the person considering the matter is a superannuation actuary - on the actuary ' s reasonable expectations; and (b) if the person considering the matter is a superannuation auditor or lead auditor - on the reasonable expectation of a superannuation actuary on whose advice the auditor has relied in relation to the matter.
9.03(3)
Nothing in subregulations (1) and (2) is to be taken to affect the meaning of paragraph 130(1)(a) or 130AA(1)(a) , (2)(a) or (4)(b) of the Act.
9.03(4)
(Repealed by FRLI No F2024L01610)
9.03(5)
(Repealed by FRLI No F2024L01610)
For the purposes of subsection 130(6) or 130AA(11A) of the Act or subregulation 9.31(3) of these Regulations, in forming an opinion whether the financial position of a defined benefit fund may be about to become unsatisfactory, a person must consider whether, at the end of the 3-year period immediately following the date at which the person ' s calculations are done, the value of the assets of the fund is likely (based on the expectations referred to in subregulation (2) ) to be inadequate to meet the value of such of the liabilities of the fund as relate to the benefits vested in the members of the fund.
View history note
Hide history note9.03(2)
For the purposes of subregulation (1) , the likelihood of the value of assets being inadequate must be based; (a) if the person considering the matter is a superannuation actuary - on the actuary ' s reasonable expectations; and (b) if the person considering the matter is a superannuation auditor or lead auditor - on the reasonable expectation of a superannuation actuary on whose advice the auditor has relied in relation to the matter.
9.03(3)
Nothing in subregulations (1) and (2) is to be taken to affect the meaning of paragraph 130(1)(a) or 130AA(1)(a) , (2)(a) or (4)(b) of the Act.
9.03(4)
(Repealed by FRLI No F2024L01610)
9.03(5)
(Repealed by FRLI No F2024L01610)
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.