SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 9.06 Interpretation

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 9.06

  (1)   In this Division:

"certified minimum contributions" , in relation to a fund, means the minimum contributions certified, in accordance with subregulation   9.10(1) or 9.18(9), in a funding and solvency certificate.

"declared date" , in relation to a defined benefit fund that is technically insolvent, means the date on which a superannuation actuary declares in writing in accordance with paragraph   9.16(1)(a) that the fund is technically insolvent.

"effective date" , in relation to a funding and solvency certificate, means the date specified in the certificate as the date on which the certificate takes effect.

"expiry date" , in relation to a funding and solvency certificate, means the date specified in the certificate as the date on which the certificate expires.

"minimum benefit index" , in relation to a defined benefit fund, means the index calculated in accordance with regulation   9.15.

"notifiable event" , in relation to a defined benefit fund, means:

  (a)   an amendment of the governing rules of the fund in a way that affects the level, or method of calculation, of the benefits of the fund; or

  (aa)   the receipt by a trustee of the fund of a written direction from the Regulator under subregulation   9.09(1A); or

  (b)   an event identified by a superannuation actuary, in accordance with paragraph   9.10(1)(c) or 9.18(9)(b), in a funding and solvency certificate relating to the fund.

"period of technical insolvency" , in relation to a defined benefit fund, means the period starting on the declared date and ending:

  (a)   in the case where the responsible actuary is able to certify the solvency of the fund within 5 years of the declared date--on the effective date of the funding and solvency certificate in which the responsible actuary so certifies; and

  (b)   in any other case--on the date 5 years after the declared date.

"responsible actuary" , in relation to a defined benefit fund, means a superannuation actuary who, under subregulation   9.19(3), has accepted responsibility for the fund during its period of technical insolvency.

"special funding and solvency certificate" means a funding and solvency certificate referred to in subregulation   9.18(2).

  (2)   In this Division, a reference to the solvency of a fund is to be read as a reference to the minimum benefit index of the fund being certified in accordance with this Division as not less than 1.

  (3)   In this Division, a reference to the technical insolvency of the fund is to be read as a reference to the minimum benefit index of the fund not being able to be certified in accordance with this Division as not less than 1.