• Specific Year
    Any

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 9.23 Winding - up of defined benefit funds

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 9.23

Winding - up of defined benefit funds

  (1)   Subject to subregulation   (4), the trustee of a defined benefit fund that is technically insolvent must initiate winding - up proceedings in accordance with this Division if:

  (a)   the fund fails to comply with regulations   9.17, 9.18 or 9.19 during the period of technical insolvency; or

  (b)   the superannuation actuary is unable to certify the solvency of the fund at the end of that period;

and regulation   9.24 does not apply.

  (2)   Winding - up proceedings initiated under subregulation   (1) must be carried out in accordance with this Division.

  (3)   Subject to subregulation   (4), if a trustee of a defined benefit fund to which this Division applies initiates winding - up proceedings in relation to the fund otherwise than under subregulation   (1), the winding - up proceedings must be carried out in accordance with this Division.

  (4)   This regulation does not apply to a defined benefit fund in respect of which the Regulator formulates a scheme for the winding - up of the fund.

Download

No downloadable files available