Superannuation Industry (Supervision) Regulations 1994

PART 9 - FINANCIAL MANAGEMENT OF FUNDS  

Division 9.3 - Funding and solvency of defined benefit funds  

REGULATION 9.14   FURTHER FUNDING AND SOLVENCY CERTIFICATES TO BE OBTAINED  

9.14(1)   [Definitions]  

In this regulation:

effective funding and solvency certificate
means a funding and solvency certificate that has taken effect and has not expired or otherwise ceased to have effect.

term
, in relation to a funding and solvency certificate, means the period starting on the effective date of the certificate and ending on the expiry date of the certificate.

9.14(2)   [Time for obtaining further certificate]  

Subject to regulations 9.13 and 9.18 and subregulation (3), the trustee of a defined benefit fund that has an effective funding and solvency certificate relating to the fund must obtain a further funding and solvency certificate relating to the fund that is signed:

(a) in the case of a certificate having a term of 4 years or less - on or before the date on which 75% of the term expires; and

(b) in the case of a certificate having a term of more than 4 years - not less than 12 months before the end of the term.

9.14(3)   [Certificate ceases to have effect]  

If, under paragraphs 9.12(2)(a), (d) or (e) , a funding and solvency certificate in relation to a fund ceases to have effect:

(a) before the expiry date specified in the certificate; and

(b) before a further funding and solvency certificate has been obtained under subregulation (2);

the trustee of the fund must obtain a further funding and solvency certificate not later than 3 months after the date on which the first-mentioned funding and solvency certificate ceased to have effect.

9.14(4)   [Effective date]  

The date on which a further funding and solvency certificate referred to in subregulation (3) takes effect must be the date immediately following the date on which the previous funding and solvency certificate ceased to have effect.