Superannuation Industry (Supervision) Regulations 1994

PART 12 - PRE-1 JULY 1988 FUNDING CREDITS AND DEBITS  

REGULATION 12.07  

12.07   CALCULATION OF VALUE A OR B OF ACCRUED BENEFITS  

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For the purposes of regulations 12.05 and 12.06 , the value of the benefits payable to a member in respect of a period after 30 June 1988 is the total of the amounts in respect of each financial year, or part of a financial year, in the period that are determined by a superannuation actuary:

(a) in respect of each kind of benefit that the member is, or may be, entitled to receive from the superannuation fund; and

(b) by using the following formula:

P 1   ×   Net present value   ×   P 2

	where:
	P 1 is the probability, determined by the superannuation actuary, of the member being paid a benefit in each financial year, or part of a financial year; and
	Net present value is the value of each benefit to the fund, being an amount that is determined by the superannuation actuary as at 30 June 1988:
	(i)	in the case of the calculation of value A of accrued benefits - using the earning rate of the fund used in the actuarial investigation of the fund mentioned in subregulation 12.05(3) ; and
	(ii)	in the case of the calculation of value B of accrued benefits - using the earning rate of the fund referred to in paragraph 12.06(2)(d) ; and
	P 2 is a proportion that is calculated:
	(i)	in the case of the calculation of value A of accrued benefits - using the method applied in the actuarial investigation of the fund mentioned in subregulation 12.05(3) ; and
	(ii)	in the case of the calculation of value B of accrued benefits - as follows:

completed period of fund membership         in relation to the member at 30 June 1988         completed period of fund membership in relation to the member at the members date of exit from the fund

where a reference to completed period of fund membership in relation to the member at a particular time is a reference to the period from the time at which the member joined, or last joined, the fund to the particular time.

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History

Reg 12.07 amended by SLI No 155 of 2013, reg 4 and Sch 2 item 20, by substituting " a superannuation actuary " for " an actuary " and by substituting " the actuary " for " the superannuation actuary " , effective 1 July 2013.

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