Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 9.41

9.41. (1) In this Division:

"fund's actuary" means an actuary whose services are secured under
subregulation 9.39 (2);

"minimum guaranteed benefit", in relation to a member of an accumulation fund,
has the same meaning as in Division 9.6;

"net realisable value of the assets at the winding-up date", in relation to an
accumulation fund, means the amount calculated by deducting from the amount
received on realisation of those assets the sum of:

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

   (b)  the administration and other costs associated with winding-up
        proceedings in respect of the fund;

"period of technical insolvency", in relation to an accumulation fund, has the
same meaning as in Division 9.6;

"winding-up date", in relation to an accumulation 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 an accumulation fund being solvent at the
winding-up date is to be read as a reference to the net realisable value
of the assets at the winding-up date being equal to or greater than the
minimum guaranteed benefits of members of the fund at that date.

(3) In this Division, a reference to an accumulation fund being technically
insolvent at the winding-up date is to be read as a reference to the net
realisable value of the assets at the winding-up date being less than the
minimum guaranteed benefits of members of the fund at that date.