Transfer of PJFCs—requirements to be satisfied
12.15 Transfer of PJFCs—requirements to be satisfied
The requirements referred to in paragraph 12.12(2)(a) and 12.13(2)(a) are that:
a superannuation actuary certifies that the amount of the PJFC to be transferred is reasonable having regard to:
the amount of unfunded liability to be transferred from the transferor fund; and
the amount of the remaining unfunded liability of that fund;
in relation to the amount of benefits that have accrued before 1 July 1988; and
the trustee of the transferor fund has been given notice by APRA of the grant of the PJFC under subsection 342(2) of the Act; and
at the date of the transfer the amount of the PJFC to be transferred is equal to or less than the amount of the pre‑1 July 88 funding credits available in the transferor fund; and
the transferee fund is a complying superannuation fund, in accordance with section 45 of the Act, in relation to the year of income in which the transfer is to take place; and
a superannuation actuary certifies that sufficient information is available about the accrued entitlements of members of the transferor fund as at 30 June 1988 to enable calculations to be made after that date to ascertain whether a prescribed event has occurred.
This Act’s bill:Explanatory statement
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