Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 9.31

9.31. (1) Subject to regulation 9.33, an actuarial report required under
regulation 9.30 that relates to a private sector fund or a fully funded public
sector superannuation scheme must contain, in addition to any other matter:

   (a)  a statement of the value of the assets of the fund at the valuation
        date; and

   (b)  a statement of the actuary's opinion on whether, at the
        valuation date, the value of the assets of the fund is adequate to
        meet the value of the liabilities of the fund in respect of
        accrued benefits in the fund of members of the fund; and

   (c)  a statement recommending, in respect of the 3-year period immediately
        following the valuation date, the rate at which, or the range of rates
        within which, the actuary considers employer contributions should be
        made or, where the actuary considers employer contributions should be
        made at different rates or within different ranges in respect of 2 or
        more periods within the 3-year period, such different rates or ranges
        of rates; and

   (d)  a statement, made in accordance with subregulations (3) and (4)
        regarding the financial position of the fund; and

   (e)  if the fund has been used to reduce or remove the superannuation
        guarantee charge imposed by section 5 of the
        Superannuation Guarantee Charge  Act 1992 :

        (i)    a statement that all funding and solvency certificates required
               under this Part during the period of the investigation to which
               the report relates were obtained; and

        (ii)   a statement of the actuary's opinion regarding the likelihood
               of an actuary being able to certify the solvency of the fund in
               any funding and solvency certificate that may be required under
               these Regulations during the 3-year period immediately
               following the valuation date; and

   (f)  if, under section 342 of the Act, a pre-1 July 1988 funding credit has
        been granted or, under Part 12 of these regulations, has been obtained
        by transfer and a prescribed event referred to in paragraph 342 (4)
        (a) of the Act has occurred-a statement that the prescribed event has
        occurred.

(2) In forming an opinion referred to in paragraph (1) (b), an actuary must
consider both:

   (a)  the position of the fund at the valuation date; and

   (b)  the likely future position of the fund, during the 3 years immediately
        following the valuation date, based on the reasonable expectations of
        the actuary.

(3) In making a statement regarding financial position under paragraph (1)
(d), the actuary must indicate whether the financial position of the fund is
treated as unsatisfactory under regulation 9.04 and whether the fund may, in
the actuary's opinion, be about to become unsatisfactory, taking into
consideration in relation to the fund the matters referred to in regulation 
9.03. 

(4) In a statement made under paragraph (1) (d), if an actuary considers that
the stated financial position of the fund is dependant upon certain actions
being taken or certain schemes being implemented, the actuary must indicate
this and must include in the statement a detailed description of those actions
or schemes.