Superannuation Industry (Supervision) Regulations 1994

PART 9 - FINANCIAL MANAGEMENT OF FUNDS  

Division 9.7 - Winding-up of accumulation funds  

REGULATION 9.41   INTERPRETATION  

9.41(1)   [Definitions]  

In this Division:

fund's actuary
means a superannuation actuary whose services are secured under subregulation 9.39(2) .

minimum guaranteed benefit
, in relation to a member of an accumulation fund, has the same meaning as in Division 9.6 .

net realisable value of the assets at the winding-up date
, in relation to an accumulation fund, means the amount calculated by deducting from the amount received on realisation of those assets the sum of:

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

(b) the administration and other costs associated with winding-up proceedings in respect of the fund.

period of technical insolvency
, in relation to an accumulation fund, has the same meaning as in Division 9.6 .

winding-up date
, in relation to an accumulation 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.

9.41(2)   [Reference to accumulation fund being solvent]  

In this Division, a reference to an accumulation fund being solvent at the winding-up date is to be read as a reference to the net realisable value of the assets at the winding-up date being equal to or greater than the minimum guaranteed benefits of members of the fund at that date.

9.41(3)   [Reference to fund being technically insolvent]  

In this Division, a reference to an accumulation fund being technically insolvent at the winding-up date is to be read as a reference to the net realisable value of the assets at the winding-up date being less than the minimum guaranteed benefits of members of the fund at that date.