Superannuation Industry (Supervision) Regulations 1994
If, under regulation 9.23 , winding-up proceedings in relation to a defined benefit fund are to be carried out in accordance with this Division, priority must be given to the liabilities of the fund in accordance with this regulation.
9.25(2) [Administration and costs of proceedings]The first charge on the assets of the fund must be the liability in respect of the administration and other costs associated with the winding-up proceedings.
9.25(3) [Determination of priorities]In determining the priorities to be given to the remaining liabilities of the fund, the trustee must ensure compliance with subregulations (4) and (5).
9.25(4) [Minimum benefit index equal to or greater than 1]If the fund's minimum benefit index at the winding-up date is equal to or greater than 1, the benefit entitlement allocated to each individual member of the fund at the winding-up date must be an amount that is not less than the sum of such part of:
(a) the funded minimum requisite benefit; and
(b) the benefit entitlements of former members;
as is attributable to that individual member.
9.25(5) [Minimum benefit index less than 1]If the fund's minimum benefit index at the winding-up date is less than 1, the benefit entitlement allocated to each individual member of the fund at the winding-up date must not be either:
(a) greater than the amount referred to in subregulation (4) in respect of that individual member; or
(b) less than an amount calculated by multiplying the amount referred to in subregulation (4) in respect of that individual member by the fund's minimum benefit index at the winding-up date.
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