Superannuation Industry (Supervision) Regulations 1994

This regulation sets out the procedure to be followed in relation to a defined benefit fund to which this Division applies during any period of technical insolvency of the fund.

An employer‑sponsor of the fund must continue to pay contributions that are not less than the certified minimum contributions as required under regulation 9.08.

The trustee of the fund must secure the services of a superannuation actuary for the fund who accepts responsibility for the actuarial management of the fund during the period of technical insolvency, including responsibility for the provision of special funding and solvency certificates and any approvals required under subregulation (4).

The trustee must not make any payment from the fund unless, in respect of a payment:

the responsible actuary gives written approval for that particular payment to be made; or

the amount of the payment is determined in accordance with a scheme for payment approved in writing by the responsible actuary.

If, during a period of technical insolvency of a fund, the responsible actuary for the fund is no longer willing or able to accept responsibility for the fund, the responsible actuary must, if practicable, inform the Regulator and the trustee that this is the case, giving the actuary’s reasons.

As soon as a trustee of a fund becomes aware that the responsible actuary for the fund is no longer willing or able to accept responsibility for the fund, the trustee must secure the services of another responsible actuary in accordance with subregulation (3) and must inform the Regulator of the change in the fund’s responsible actuary.