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1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 12.03
Shortfall-in-assets amount-calculation
12.03. (1) The shortfall-in-assets amount in respect of a superannuation fund
is the amount determined by an actuary as the lesser of the amounts calculated
in accordance with the following formulas:
(a) ((value A of - actuarially) x net market value )
accrued determined of assets
benefits value of actuarially determined
fund assets value of fund assets;
(b) (value B of - net market value)
accrued benefits of assets.
(NOTE: A shortfall-in-assets amount is the amount of any deficiency in a
superannuation fund as at 30 June 1988, other than a deficiency that is the
result of contributions that are due, but have not been paid, to the fund.)
(2) In subregulation (1), in relation to a superannuation fund:
"actuarially determined value of fund assets" means the value of the assets of
the fund as at 30 June 1988, including any late payment amount, that is
determined by an actuary using a method that the actuary certifies:
(a) is consistent with the method used in the last actuarial investigation
of the fund that was completed before 25 May 1988; and
(b) as determining a value that is comparable to the value of the assets
determined in that actuarial investigation;
"net market value of fund assets" means the amount that, having regard to
matters specified in regulation 12.04, could reasonably be estimated to be
obtained from disposal of the assets of the fund, and includes any late
payment amount;
"value A of accrued benefits" has the meaning given by regulation 12.05;
"value B of accrued benefits" has the meaning given by regulation 12.06.
(3) For the purposes of this regulation:
(a) an alteration made after 25 May 1988 to the governing rules of a
superannuation fund that relates to benefits payable to members of the
fund is to be disregarded unless the alteration is a prescribed event;
and
(b) in the case of the calculation of a shortfall-in-assets amount in
respect of a member of a superannuation fund who is an associate of an
employer, any amount of benefits in respect of the member that is
attributable to the exercise of discretion by, or on behalf of, the
trustee of the fund is to be disregarded.
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