Superannuation Industry (Supervision) Regulations 1994

PART 9 - FINANCIAL MANAGEMENT OF FUNDS  

Division 9.6 - Solvency of accumulation funds  

REGULATION 9.39   TECHNICAL INSOLVENCY PROGRAM FOR ACCUMULATION FUNDS - PROCEDURE  

9.39(1)   [Procedure during technical insolvency]  

This regulation sets out the procedure to be followed, in relation to an accumulation fund to which this Division applies, during any period of technical insolvency.

9.39(2)   [Actuary to design program]  

The trustee of the fund must secure the services of a superannuation actuary for the fund, who must, as soon as practicable, design a program of the kind referred to in paragraph 9.38(1)(a) or subregulation 9.38(2) (whichever is applicable) and inform the trustee of the requirements of that program.

9.39(3)   [Addition to minimum guaranteed benefits]  

The trustee of the fund must not add an amount to the minimum guaranteed benefits of members of the fund during any period of technical insolvency unless:

(a) the addition is approved in writing by the fund's actuary; or

(b) the amount is added in accordance with a scheme approved in writing by the fund's actuary for the adding of such amounts.

9.39(4)   [Payment from fund]  

During any period of technical insolvency of the fund, the trustee of the fund must not make any payment from the fund unless:

(a) the fund's actuary gives written approval for that particular payment to be made; or

(b) the amount of the payment is determined in accordance with a scheme for payment approved in writing by the fund's actuary.