Superannuation Industry (Supervision) Regulations 1994
In this Division:
fund's actuary
means a superannuation actuary whose services are secured under subregulation
9.39(2)
.
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minimum guaranteed benefit
, in relation to a member of an accumulation fund, has the same meaning as in Division
9.6
.
net realisable value of the assets at the winding-up date
, in relation to an accumulation fund, means the amount calculated by deducting from the amount received on realisation of those assets the sum of:
(a) the actual cost of disposing of the assets of the fund; and
(b) the administration and other costs associated with winding-up proceedings in respect of the fund.
period of technical insolvency
, in relation to an accumulation fund, has the same meaning as in Division
9.6
.
winding-up date
, in relation to an accumulation fund, means the date at which the trustee determines the allocations to be made, under the winding-up proceedings, to members of the fund in respect of their benefit entitlements.
In this Division, a reference to an accumulation fund being solvent at the winding-up date is to be read as a reference to the net realisable value of the assets at the winding-up date being equal to or greater than the minimum guaranteed benefits of members of the fund at that date.
9.41(3) [Reference to fund being technically insolvent]In this Division, a reference to an accumulation fund being technically insolvent at the winding-up date is to be read as a reference to the net realisable value of the assets at the winding-up date being less than the minimum guaranteed benefits of members of the fund at that date.
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