Commonwealth Numbered Regulations

1990 No. 150 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 14

14. Regulation 17 of the Principal Regulations is amended:

   (a)  by omitting subparagraphs (1) (a) (i), (ii) and (iii) and substituting
        the following subparagraphs:

"(i) in the case of a private sector fund in operation on 22 December 1987
into which an actuarial investigation has been made within the immediately
preceding 2 years - as at a date within the period of 3 years beginning on the
day on which the last actuarial investigation was so made; and

   (ii) in the case of a private sector fund in operation on 22 December 1987
        to which subparagraph (i) does not apply - as at a date not later
        than:

   (a)  3 years after the day on which the fund began to operate; or

   (b)  1 January 1989;
whichever is the later; and

   (iii) in the case of a public sector fund in operation on 1 July 1990 into
        which an actuarial investigation has been made within the immediately
        preceding 2 years - as at a date within the period of 3 years
        beginning on the day on which the last actuarial investigation was so
        made; and

   (iv) in the case of a public sector fund in operation on 1 July 1990 to
        which subparagraph (iii) does not apply - as at a date not later than:

   (a)  3 years after the day on which the fund began to operate; or

   (b)  1 July 1991;
whichever is the later; and

   (v)  in any other case - as at a date within the period of3 years beginning
        on the day on which the fund began to operate;";

   (b)  by omitting from paragraph (1) (b) "containing the matters specified
        in subregulation (2)" and substituting "containing:

        (i)    in relation to a private sector fund or a fully funded public
               sector fund - the matters specified in subregulation (2); or

        (ii)   in relation to a public sector fund (other than a fully funded
               public sector fund) - the matters specified in subregulation
               (3);";

   (c)  by omitting from paragraph (1) (e) "1 July 1988 and of each succeeding
        year" and substituting "1 July 1988 in the case of a private sector
        fund and 1 July 1990 in the case of a public sector fund, and of each
        succeeding year";

   (d)  by omitting from paragraph (1) (f) "1 January 1989," and substituting
        "1 January 1989 in the case of a private sector fund, or on or after 1
        July 1990 in the case of a public sector fund,";

   (e)  by inserting in subregulation (2) "in relation to a private sector
        fund
or a fully funded public sector fund" after "paragraph (1) (b)";

   (f)  by adding at the end the following subregulation:

"(3) A report referred to in paragraph (1) (b) in relation to a public sector
fund (other than a fully funded fund) must contain, in addition to any other
matter:

   (a)  a statement of the value of the assets of the fund;

   (b)  a statement of any liability for benefit payments not expected to be
        covered by:

   (i)  the assets of the fund; or

   (ii) any future contributions to, or earnings of, the fund; or

   (iii) a guarantee by the government or other body that established the
        fund; or

   (iv) an appropriation in respect of the fund.".