Interpretation
9.06 Interpretation
In this Division:
certified minimum contributions, in relation to a fund, means the minimum contributions certified, in accordance with subregulation 9.10(1) or 9.18(9), in a funding and solvency certificate.
declared date, in relation to a defined benefit fund that is technically insolvent, means the date on which a superannuation actuary declares in writing in accordance with paragraph 9.16(1)(a) that the fund is technically insolvent.
effective date, in relation to a funding and solvency certificate, means the date specified in the certificate as the date on which the certificate takes effect.
expiry date, in relation to a funding and solvency certificate, means the date specified in the certificate as the date on which the certificate expires.
minimum benefit index, in relation to a defined benefit fund, means the index calculated in accordance with regulation 9.15.
notifiable event, in relation to a defined benefit fund, means:
an amendment of the governing rules of the fund in a way that affects the level, or method of calculation, of the benefits of the fund; or
the receipt by a trustee of the fund of a written direction from the Regulator under subregulation 9.09(1A); or
an event identified by a superannuation actuary, in accordance with paragraph 9.10(1)(c) or 9.18(9)(b), in a funding and solvency certificate relating to the fund.
period of technical insolvency, in relation to a defined benefit fund, means the period starting on the declared date and ending:
in the case where the responsible actuary is able to certify the solvency of the fund within 5 years of the declared date—on the effective date of the funding and solvency certificate in which the responsible actuary so certifies; and
in any other case—on the date 5 years after the declared date.
responsible actuary, in relation to a defined benefit fund, means a superannuation actuary who, under subregulation 9.19(3), has accepted responsibility for the fund during its period of technical insolvency.
special funding and solvency certificate means a funding and solvency certificate referred to in subregulation 9.18(2).
In this Division, a reference to the solvency of a fund is to be read as a reference to the minimum benefit index of the fund being certified in accordance with this Division as not less than 1.
In this Division, a reference to the technical insolvency of the fund is to be read as a reference to the minimum benefit index of the fund not being able to be certified in accordance with this Division as not less than 1.
This Act’s bill:Explanatory statement
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