Alternative programs approved by the Regulator for accumulation funds
9.44 Alternative programs approved by the Regulator for accumulation funds
If, as an alternative to commencing winding‑up proceedings, the fund’s actuary recommends in writing to the trustee of the fund a specified course of action, the trustee, if he or she wishes to accept the recommendations of the fund’s actuary, 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 recommendations of the fund’s actuary 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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