SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 9.39 Technical insolvency program for accumulation funds--procedure

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 9.39

  (1)   This regulation sets out the procedure to be followed, in relation to an accumulation fund to which this Division applies, during any period of technical insolvency.

  (2)   The trustee of the fund must secure the services of a superannuation actuary for the fund, who must, as soon as practicable, design a program of the kind referred to in paragraph   9.38(1)(a) or subregulation   9.38(2) (whichever is applicable) and inform the trustee of the requirements of that program.

  (3)   The trustee of the fund must not add an amount to the minimum guaranteed benefits of members of the fund during any period of technical insolvency unless:

  (a)   the addition is approved in writing by the fund's actuary; or

  (b)   the amount is added in accordance with a scheme approved in writing by the fund's actuary for the adding of such amounts.

  (4)   During any period of technical insolvency of the fund, the trustee of the fund must not make any payment from the fund unless:

  (a)   the fund's actuary gives written approval for that particular payment to be made; or

  (b)   the amount of the payment is determined in accordance with a scheme for payment approved in writing by the fund's actuary.