SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 9.41 Interpretation

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 9.41

  (1)   In this Division:

"fund's actuary" means a superannuation actuary whose services are secured under subregulation   9.39(2).

"minimum guaranteed benefit" , in relation to a member of an accumulation fund, has the same meaning as in Division   9.6.

"net realisable value of the assets at the winding-up date" , in relation to an accumulation fund, means the amount calculated by deducting from the amount received on realisation of those assets the sum of:

  (a)   the actual cost of disposing of the assets of the fund; and

  (b)   the administration and other costs associated with winding - up proceedings in respect of the fund.

"period of technical insolvency" , in relation to an accumulation fund, has the same meaning as in Division   9.6.

"winding-up date" , in relation to an accumulation fund, means the date at which the trustee determines the allocations to be made, under the winding - up proceedings, to members of the fund in respect of their benefit entitlements.

  (2)   In this Division, a reference to an accumulation fund being solvent at the winding - up date is to be read as a reference to the net realisable value of the assets at the winding - up date being equal to or greater than the minimum guaranteed benefits of members of the fund at that date.

  (3)   In this Division, a reference to an accumulation fund being technically insolvent at the winding - up date is to be read as a reference to the net realisable value of the assets at the winding - up date being less than the minimum guaranteed benefits of members of the fund at that date.