Alternative programs approved by the Regulator
9.24 Alternative programs approved by the Regulator
If, as an alternative to commencing winding‑up proceedings, the responsible actuary of a defined benefit fund recommends in writing to the trustee of the fund a specified course of action, the trustee, if he or she wishes to accept the responsible actuary’s recommendations, must, within 21 days after receiving the recommendations, forward a copy of the recommendations to the Regulator, together with a request that the Regulator approve the recommendations.
If the Regulator approves the responsible actuary’s recommendations, and notifies the trustee in writing of the approval, the trustee must follow the specified course of action as recommended.
This Act’s bill:Explanatory statement
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