SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993
In this Division, unless the contrary intention appears:
(a) the fund's liabilities in respect of vested benefits; or
(b) the fund's accrued actuarial liabilities;
at that time, whichever is the greater.
(a) a public sector superannuation scheme that:
(i) is a regulated superannuation fund; and
(ii) has at least one defined benefit member; or
(b) a regulated superannuation fund (other than a public sector superannuation scheme):
(i) that has at least one defined benefit member; and
(ii) some or all of the contributions to which (being contributions out of which, together with earnings on those contributions, the benefits are to be paid) are not paid into a fund, or accumulated in a fund, in respect of any individual member but are paid into and accumulated in a fund in the form of an aggregate amount.
defined benefit member
means a member entitled, on retirement or termination of his or her employment, to be paid a benefit defined, wholly or in part, by reference to either or both of the following:
(a) the amount of:
(i) the member's salary at a particular date, being the date of the termination of the member's employment or of the member's retirement or an earlier date; or
(ii) the member's salary averaged over a period before retirement;
(b) a specified amount.
fund's accrued actuarial liabilities
, at a particular time, means the total value, as certified by an actuary, of the future benefit entitlements of members of the fund in respect of membership up to that time based on assumptions about future economic conditions and the future of matters affecting membership of the fund, being assumptions made in accordance with applicable professional actuarial standards (if any).
fund's liabilities in respect of vested benefits
, at a particular time, means the total value of the benefits payable from the fund to which the members of the fund would be entitled if they all voluntarily terminated their service with their employers at that time.
(a) an amount equal to the prescribed percentage of the base amount in relation to the fund at that time; and
(b) the amount (if any) by which the market value of the fund's assets at that time exceeds that base amount.
(a) where the expression is used in relation to a time that occurs during the 1998-99 year of income or the 1999-2000 year of income - 10%; or
(b) where the expression is used in relation to a time that occurs during a later year of income - 5%.