OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

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

REGULATION 23PC   SHORTFALL-IN-ASSETS AMOUNT - CALCULATION  

23PC(1)   [ Formulas ]  

The shortfall-in-assets amount in respect of a superannuation fund is the amount determined by an actuary as the lesser of the amounts calculated in accordance with the following formulas:

(a)

{

[ value A of accrued benefits

−

actuarially determined value of fund assets ]

×

net market value of assets actuarially determined value of fund assets

};

(b)

{ value B of accrued benefits − net market value of assets }.

Note:

A shortfall-in-assets amount is the amount of any deficiency in a superannuation fund as at 30 June 1988, other than a deficiency that is the result of contributions that are due, but have not been paid, to the fund.

23PC(2)   [ Definitions ]  

In subregulation (1), in relation to a superannuation fund:

actuarially determined value of fund assets
means the value of the assets of the fund as at 30 June 1988, including any later payment amount, that is determined by an actuary using a method that the actuary certifies:

(a) is consistent with the method used in the last actuarial investigation of the fund that was completed before 25 May 1988; and

(b) as determining a value that is comparable to the value of the assets determined in that actuarial investigation;

net market value of fund assets
means the amount that, having regard to matters specified in regulation 23PD , could reasonably be estimated to be obtained from disposal of the assets of the fund, and includes any later payment amount;

value A of accrued benefits
has the meaning given by regulation 23PE ;

value B of accrued benefits
has the meaning given by regulation 23PF .

23PC(3)   [ Matters to be disregarded ]  

For the purposes of this regulation:

(a) an alteration made after 25 May 1988 to the governing rules of a superannuation fund that relates to benefits payable to members of the fund is to be disregarded unless the alteration is a prescribed event; and

(b) in the case of the calculation of a shortfall-in-assets amount in respect of a member of a superannuation fund who is an associate (within the meaning of Part IIIA of the Act) of an employer, any amount of benefits in respect of the member that is attributable to the exercise of discretion by, or on behalf of, the trustees of the fund is to be disregarded.