Interpretation
9.41 Interpretation
In this Division:
fund’s actuary means a superannuation 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:
the actual cost of disposing of the assets of the fund; and
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.
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.
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.
This Act’s bill:Explanatory statement
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