Superannuation Industry (Supervision) Regulations 1994
The minimum benefit index in respect of a defined benefit fund is the index calculated in accordance with the following formula:
In this regulation:
(a) if the index calculated as at the initial date in accordance with the following formula:
|is less than l - that index; and|
(b) in any other case - an index of 1.
benefit entitlements of former members
, in relation to a defined benefit fund, means the beneficial interests in the fund (including any amount that would be payable out of those interests to the spouse, or former spouse, of the former member under a payment split) of beneficiaries (including pension beneficiaries and deferred beneficiaries) who are not standard employer-sponsored members of the fund.
(a) the value of the pre-initial date component of the MRB multiplied by the adjusted minimum benefit index; and
(b) the value of the post-initial date component of the MRB.
(a) the date on which the first funding and solvency certificate in relation to the defined benefit fund takes effect in accordance with subregulation 9.11(1) ;
(b) 1 July 1994.
means the total amount of the minimum requisite benefits (including any amount that would be payable out of those benefits to the member's spouse or former spouse under a payment split) of all current members of the fund.