Superannuation Industry (Supervision) Regulations 1994

PART 9 - FINANCIAL MANAGEMENT OF FUNDS  

Division 9.3 - Funding and solvency of defined benefit funds  

REGULATION 9.11   EFFECTIVE DATE OF FUNDING AND SOLVENCY CERTIFICATES  

9.11(1)   [First funding and solvency certificate]  

The first funding and solvency certificate obtained in respect of a defined benefit fund to which this Division applies must take effect on:

(a) in the case of a fund in operation on 30 June 1994 in respect of which an actuarial investigation was carried out under paragraph 17(1)(a) of the Occupational Superannuation Standards Regulations on or after 1 July 1991 - whichever of the following dates is selected by the superannuation actuary:

(i) the date of the last such actuarial investigation prior to 1 July 1994;

(ii) 1 July 1994; and

(b) in the case of a fund in operation on 30 June 1994 to which paragraph (a) does not apply - 1 July 1994; and

(c) in any other case - the date on which the fund is established.

9.11(2)   [Effective date earlier than signing date]  

Subject to subregulations 9.13(5) , 9.14(4) and 9.18(8) , the effective date of a funding and solvency certificate may be a date earlier than the date on which the superannuation actuary signs the certificate but must not be more than 12 months earlier than that date, except in the case of a first funding and solvency certificate to which subregulation (3) applies.

9.11(3)   [First certificate takes effect before 1 July 1994]  

If a first funding and solvency certificate takes effect in accordance with subparagraph (1)(a)(i) and the superannuation actuary signs the certificate not later than 30 June 1995, the effective date of the certificate may be more than 12 months earlier than the date on which the superannuation actuary signs the certificate.

9.11(4)   [Occurrence affecting contents of certificate]  

If the effective date of a funding and solvency certificate is earlier than the date on which the superannuation actuary signs the certificate, the superannuation actuary must only sign the certificate if the superannuation actuary is not aware, and makes a statement in the certificate that he or she is not aware, of any occurrence between the effective date and the date of signing that would affect the contents of the certificate.