Superannuation Industry (Supervision) Regulations 1994
Value A of accrued benefits in relation to a superannuation fund is the total value of accrued benefits in respect of all members of the fund as at 30 June 1988 that is calculated in accordance with regulation 12.07 .12.05(2) [Calculation assumptions]
(a) that a member of the superannuation fund will not die or become disabled before the member's normal retirement from the work force;
(b) that the governing rules of the fund providing for benefits and the amounts of the benefits vested in members of the fund are those rules and amounts as at 25 May l988;
(c) that the value of the accrued benefits in the fund in respect of a member of the fund is not less than the amount of benefits vested in the member on 30 June 1988;
(d) if the governing rules of the fund provide for adjustment of pension benefits to compensate for changes in the cost of living at the discretion of the trustees of the fund, that the rules providing for adjustment are disregarded, unless:
(i) all pension benefits have been increased under that rule on at least 3 occasions before 30 June l988; and
12.05(3) [Elements of actuarial basis for calculation]
(ii) at least 1 of those increases occurred in the period from the beginning of 1 July 1985 to the end of 30 June 1988.
Subject to this regulation, the elements of the actuarial basis for the calculation of value A of accrued benefits in respect of a superannuation fund are taken to be those used in the last actuarial investigation of the fund that was completed before 25 May 1988.12.05(4) [Actuarial investigation not completed before 25 May 1988]
If an actuarial investigation of a superannuation fund was not completed before 25 May 1988, a superannuation actuary must submit to APRA in writing the elements that the superannuation actuary proposes to use in respect of the fund:
(a) for the purposes of regulation 12.07 ; and
(b) in substitution for the elements referred to in that subregulation.
APRA must approve a proposed element of the actuarial basis for the calculation of value A of accrued benefits in respect of a superannuation fund if APRA is satisfied that the proposed element corresponds reasonably closely to the element that would have been used if an actuarial investigation had been made into the fund.
In special circumstances, APRA may approve a proposed element of the actuarial basis for the calculation of value A of accrued benefits in respect of a superannuation fund if APRA is satisfied that application of the proposed element is reasonable in those circumstances.
Liability to pay tax on income of the fund is not a special circumstance for the purposes of subregulation (6) if the liability results directly from an amendment of the Tax Act made by the Taxation Laws Amendment (Superannuation) Act 1989 .