Superannuation Guarantee (Administration) Act 1992

PART 2 - EXPLANATION OF TERMS USED IN THE ACT  

SECTION 10   INTERPRETATION: BENEFIT CERTIFICATE  

10(1)    
A benefit certificate is a certificate by an actuary relating to one or more specified defined benefit superannuation schemes and specifying the rate, expressed as a percentage, that is, in the opinion of the actuary, the notional employer contribution rate, in relation to a specified class of employees (being members of the scheme or schemes, as the case may be), of an employer who is a contributor under the scheme or schemes (as the case may be) for the benefit of an employee in that class.

10(2)    
The notional employer contribution rate, in relation to a class of employees specified in a benefit certificate relating to one or more defined benefit superannuation schemes, is the contribution rate required to meet the expected long-term cost, to an employer who contributes to the scheme or schemes for the benefit of employees in the class, of the minimum benefits accruing in respect of all employees in the class from the date of effect of the benefit certificate onwards.

10(3)    
A benefit certificate has effect from the date specified in the certificate until:

(a) a superannuation scheme to which it relates is amended in a way that affects, or may affect, the level or method of calculation of the minimum benefits provided under the scheme for the class of employees specified in the certificate; or

(b) another benefit certificate is issued in relation to the same class of employees and the same scheme or schemes; or

(c) a period of 5 years from the date of issue expires; or

(d) in the case of a certificate that relates to a scheme that is a defined benefit superannuation scheme because of the operation of subsection 6A(2) - the conversion notice under section 6B is revoked;

whichever occurs first.

10(4)    

A benefit certificate may be expressed to have effect from:

(a) a day that is no earlier than:

(i) if the certificate is issued before 15 May in a quarter starting on 1 April, or before a later day in that quarter allowed by the Commissioner - 1 January in the previous quarter; or

(ii) if the certificate is issued before 15 August in a quarter starting on 1 July, or before a later day in that quarter allowed by the Commissioner - 1 April in the previous quarter; or

(iii) if the certificate is issued before 15 November in a quarter starting on 1 October, or before a later day in that quarter allowed by the Commissioner - 1 July in the previous quarter; or

(iv) if the certificate is issued before 15 February in a quarter starting on 1 January, or before a later day in that quarter allowed by the Commissioner - 1 October in the previous quarter; or

(v) in any other case - the first day of the quarter in which the certificate is issued; and

(b) a day that is no later than the day on which the certificate is issued.

10(6)    
The regulations may make provision regarding:

(a) the issue and form of benefit certificates; and

(b) the way in which the expected long-term cost to an employer of benefits accruing to all employees is to be calculated under subsection (2); and

(c) the manner in which the contribution rate is to be expressed under subsection (2); and

(d) the way in which minimum benefits accruing to all employees are to be calculated under subsection (2).