Superannuation Industry (Supervision) Regulations 1994

PART 9 - FINANCIAL MANAGEMENT OF FUNDS

Division 9.5 - Actuarial standards relating to defined benefit funds that are self-managed superannuation funds

REGULATION 9.29 ACTUARIAL INVESTIGATION STANDARD

9.29(1)

Subject to regulation 9.29A , a trustee of a defined benefit fund must require an initial actuarial investigation (the first actuarial investigation ) to be made in relation to the fund as a whole or each defined benefit sub-fund in the fund.

9.29(2)

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If the first actuarial investigation is in relation to the fund as a whole it must be made:

(a) for a defined benefit fund in operation on 30 June 1994 - at a date no later than 3 years after:

(i) the date at which the last actuarial investigation of the fund as a whole was made; or

(ii) if no actuarial investigation has been made - the date of establishment of the fund or conversion of the fund to a defined benefit fund; or

(b) for a new fund - at the date of establishment or conversion of the fund.

9.29(3)
If the first actuarial investigation is in relation to a defined benefit sub-fund in the fund it must be made:

(a) for a defined benefit sub-fund in operation on 30 June 1994 - at a date no later than 3 years after:

(i) the date at which the last actuarial investigation of the sub-fund was made; or

(ii) if no actuarial investigation was made - the date of establishment of the sub-fund or conversion of the sub-fund to a defined benefit sub-fund; or

(b) for a new defined benefit sub-fund - at the date of establishment or conversion of the sub-fund.

9.29(4)
A trustee of a defined benefit fund or sub-fund must, after the first actuarial investigation has been made in relation to the fund or sub-fund, require regular actuarial investigations to be made in relation to the fund or sub-fund at least every 3 years.

9.29(5)
The Commissioner of Taxation may direct the trustee of the fund or sub-fund, in writing, to require an actuarial investigation to be made in relation to the fund or sub-fund, if the Commissioner of Taxation considers, on reasonable grounds, that to do so would be:

(a) in the prudential interests of the fund or sub-fund; and

(b) in the best interests of the members or beneficiaries of the fund or sub-fund.

9.29(6)
The trustee of the fund or sub-fund must comply with a written direction under subregulation (5).

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History

Reg 9.29 substituted by SLI No 155 of 2013, reg 4 and Sch 2 item 19, effective 1 July 2013. Reg 9.29 formerly read:

REGULATION 9.29 ACTUARIAL INVESTIGATION STANDARD
9.29(1)
A trustee of a defined benefit fund must require an actuarial investigation to be made in relation to the fund:

(a) in the case of a defined benefit fund in operation on 30 June 1994 - as at a date not later than 3 years after:

(i) the date as at which the last actuarial investigation was made; or

(ii) if no actuarial investigation was made - the date of establishment of the fund, or conversion of the fund to a defined benefit fund; and

(b) in the case of a new fund - as at the date of establishment or conversion of the fund;
and, in all cases, after the first actuarial investigation has been made in relation to a fund under paragraph (a) or (b), further regular actuarial investigations must be made as at a date not later than 3 years after the date as at which the last actuarial investigation was made.

[ CCH Note: Reg 9.29 ceased to apply from 12 January 1999 - see now reg 9.29A .]

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History

Reg 9.29 amended by SR No 113 of 2004, reg 3 and Sch 1 item 15, by renumbering reg 9.29 as reg 9.29(1), effective 1 July 2004.

9.29(2)
The Regulator may direct the trustee of the fund, in writing, to require an actuarial investigation to be made in relation to the fund if the Regulator considers, on reasonable grounds, that to do so would be:

(a) in the prudential interests of the fund; and

(b) in the best interests of the members or beneficiaries of the fund.
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History

Reg 9.29(2) inserted by SR No 113 of 2004, reg 3 and Sch 1 item 16, effective 1 July 2004.

9.29(3)
The trustee of the fund must comply with a written direction under subregulation (2).
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History

Reg 9.29(3) inserted by SR No 113 of 2004, reg 3 and Sch 1 item 16, effective 1 July 2004.

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