SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 9.18 Technical insolvency program--special funding and solvency certificate

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 9.18

  (1)   In this regulation, concluding date , in relation to a funding and solvency certificate of a defined benefit fund, means whichever of the following first occurs:

  (a)   the expiry date; or

  (b)   the date on which the certificate ceases to have effect under subregulation   9.12(2).

  (2)   If a defined benefit fund is technically insolvent, the funding and solvency certificate that the trustee is required to obtain under regulation   9.09 must be a special funding and solvency certificate that complies with this regulation.

  (3)   A special funding and solvency certificate takes effect from and including the effective date to and including the concluding date.

  (4)   A special funding and solvency certificate (the first special funding and solvency certificate ) must be obtained as soon as practicable after the date on which a defined benefit fund becomes technically insolvent and not later than 3 months after that date.

  (5)   The date on which the first special funding and solvency certificate obtained under subregulation   (2) takes effect must be a date that is not more than 9 months earlier than the declared date.

  (6)   At least one further special funding and solvency certificate must be obtained in each subsequent period of 12 months following the concluding date of the first special funding and solvency certificate until the end of the period of technical insolvency.

  (7)   Each further special funding and solvency certificate required under subregulation   (6) must be obtained not later than 3 months after the concluding date of the previous special funding and solvency certificate.

  (8)   The date on which a further special funding and solvency certificate required under subregulation   (6) takes effect must be the date immediately following the concluding date of the previous special funding and solvency certificate.

  (9)   In a special funding and solvency certificate relating to a defined benefit fund, a superannuation actuary must:

  (a)   specify the date on which the certificate takes effect, in accordance with subregulation   (5) and (8); and

  (b)   identify any event relating to the fund that, if the event occurs during the period when the certificate is in force, should, in the opinion of the superannuation actuary, require the certificate to cease to have effect and a new certificate to be obtained; and

  (c)   specify the date on which the certificate expires, in accordance with subregulation   (10); and

  (d)   certify the minimum contributions reasonably expected by the superannuation actuary to be required to secure the solvency of the fund at the end of the period of technical insolvency; and

  (e)   certify the improvement (if any) in the level of the minimum benefit index from its level at the effective date of the immediately preceding funding and solvency certificate relating to the fund.

  (10)   The date specified under paragraph   (9)(c) as the date on which the certificate expires must be a date that is 12 months after the effective date of the certificate.