Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 9.21

9.21. (1) In this Division:

"benefit entitlements of former members" has the same meaning as in
subregulation 9.15 (2);

"funded minimum requisite benefit" has the same meaning as in subregulation
9.15 (2);

"minimum benefit index at the winding-up date", in relation to a defined
benefit fund, means an index calculated in accordance with regulation 9.15
except that the net realisable value of the assets is, for the purposes of the
calculation, taken to be the net realisable value of the assets at the
winding-up date as defined by this Division;

"net realisable value of the assets at the winding-up date", in relation to a
defined benefit fund, means the amount calculated by deducting the sum of:

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

   (b)  the administration, and other, costs associated with the winding-up
        proceedings being carried out in relation to the fund in accordance
        with this Division; from the amount received on realisation of the
        assets of the fund;

"period of technical insolvency" has the same meaning as in Division 9.3;

"responsible actuary", in relation to a defined benefit fund, means an actuary
who, under subregulation 9.19 (3), accepted responsibility for the fund during
its period of technical insolvency;

"winding-up date", in relation to a defined benefit 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 the solvency of a fund is to be read as a
reference to the fund's minimum benefit index, as that term is defined in
Division 9.3, being certified in accordance with that Division as not less
than 1.

(3) In this Division, a reference to the technical insolvency of the fund is
to be read as a reference to the fund's minimum benefit index, as that term is
defined in Division 9.3, not being able to be certified in accordance with
that Division as not less than 1.