Superannuation Industry (Supervision) Regulations 1994

PART 9 - FINANCIAL MANAGEMENT OF FUNDS  

Division 9.4 - Winding-up of defined benefit funds  

REGULATION 9.21   INTERPRETATION  

9.21(1)   [Definitions]  

In this Division:

benefit entitlements of former members
has the same meaning as in subregulation 9.15(2) .

funded minimum requisite benefit
has the same meaning as in subregulation 9.15(2) .

minimum benefit index at the winding-up date
, in relation to a defined benefit fund, means an index calculated in accordance with regulation 9.15 except that the net realisable value of the assets is, for the purposes of the calculation, taken to be the net realisable value of the assets at the winding-up date as defined by this Division.

net realisable value of the assets at the winding-up date
, in relation to a defined benefit fund, means the amount calculated by deducting the sum of:

(a) the actual cost of disposing of the assets of the fund; and

(b) the administration, and other, costs associated with the winding-up proceedings being carried out in relation to the fund in accordance with this Division;

from the amount received on realisation of the assets of the fund.

period of technical insolvency
has the same meaning as in Division 9.3 .

responsible actuary
, in relation to a defined benefit fund, means an actuary who, under subregulation 9.19(3) , accepted responsibility for the fund during its period of technical insolvency.

winding-up date
, in relation to a defined benefit fund, means the date at which the trustee determines the allocations to be made, under the winding-up proceedings, to members of the fund in respect of their benefit entitlements.

9.21(2)   [Solvency of a fund]  

In this Division, a reference to the solvency of a fund is to be read as a reference to the fund's minimum benefit index, as that term is defined in Division 9.3 , being certified in accordance with that Division as not less than 1.

9.21(3)   [Technical insolvency of the fund]  

In this Division, a reference to the technical insolvency of the fund is to be read as a reference to the fund's minimum benefit index, as that term is defined in Division 9.3 , not being able to be certified in accordance with that Division as not less than 1.