SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 9.29 Actuarial investigation standard

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 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.

  (2)   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.

  (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.

  (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.

  (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.

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