Superannuation Industry (Supervision) Regulations 1994
The shortfall-in-assets amount in respect of a superannuation fund is the amount determined by an actuary as the lesser of the amounts calculated in accordance with the following formulas:
Note: A shortfall-in-assets amount is the amount of any deficiency in a superannuation fund as at 30 June 1988, other than a deficiency that is the result of contributions that are due, but have not been paid, to the fund.
12.03(2) [Definitions]In subregulation (1), in relation to a superannuation fund:
actuarially determined value of fund assets
means the value of the assets of the fund as at 30 June 1988, including any late payment amount, that is determined by an actuary using a method that the actuary certifies:
(a) is consistent with the method used in the last actuarial investigation of the fund that was completed before 25 May 1988; and
(b) as determining a value that is comparable to the value of the assets determined in that actuarial investigation.
net market value of fund assets
means the amount that, having regard to matters specified in regulation
12.04
, could reasonably be estimated to be obtained from disposal of the assets of the fund, and includes any late payment amount.
value A of accrued benefits
has the meaning given by regulation
12.05
.
value B of accrued benefits
has the meaning given by regulation
12.06
.
For the purposes of this regulation:
(a) an alteration made after 25 May 1988 to the governing rules of a superannuation fund that relates to benefits payable to members of the fund is to be disregarded unless the alteration is a prescribed event; and
(b) in the case of the calculation of a shortfall-in-assets amount in respect of a member of a superannuation fund who is an associate of an employer, any amount of benefits in respect of the member that is attributable to the exercise of discretion by, or on behalf of, the trustee of the fund is to be disregarded.
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