Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 9.39

9.39. (1) This regulation sets out the procedure to be followed, in relation
to an accumulation fund to which this Division applies, during any period of
technical insolvency.

(2) The trustee of the fund must secure the services of an actuary for the
fund, who must, as soon as practicable, design a program of the kind referred
to in paragraph 9.38 (1) (a) or subregulation 9.38 (2) (whichever is
applicable) and inform the trustee of the requirements of that program.

(3) The trustee of the fund must not add an amount to the minimum guaranteed
benefits of members of the fund during any period of technical insolvency
unless:

   (a)  the addition is approved in writing by the fund's actuary; or

   (b)  the amount is added in accordance with a scheme approved in writing by
        the fund's actuary for the adding of such amounts.

(4) During any period of technical insolvency of the fund, the trustee of the
fund must not make any payment from the fund unless:

   (a)  the fund's actuary gives written approval for that particular payment
        to be made; or

   (b)  the amount of the payment is determined in accordance with a scheme
        for payment approved in writing by the fund's actuary.