Superannuation Industry (Supervision) Regulations 1994

PART 9 - FINANCIAL MANAGEMENT OF FUNDS  

Division 9.5 - Actuarial standards relating to defined benefit funds that are self-managed superannuation funds  

REGULATION 9.29   ACTUARIAL INVESTIGATION STANDARD  

9.29(1)  


Subject to regulation 9.29A , a trustee of a defined benefit fund must require an initial actuarial investigation (the first actuarial investigation ) to be made in relation to the fund as a whole or each defined benefit sub-fund in the fund.

9.29(2)  


If the first actuarial investigation is in relation to the fund as a whole it must be made:


(a) for a defined benefit fund in operation on 30 June 1994 - at a date no later than 3 years after:


(i) the date at which the last actuarial investigation of the fund as a whole was made; or

(ii) if no actuarial investigation has been made - the date of establishment of the fund or conversion of the fund to a defined benefit fund; or


(b) for a new fund - at the date of establishment or conversion of the fund.

9.29(3)  
If the first actuarial investigation is in relation to a defined benefit sub-fund in the fund it must be made:


(a) for a defined benefit sub-fund in operation on 30 June 1994 - at a date no later than 3 years after:


(i) the date at which the last actuarial investigation of the sub-fund was made; or

(ii) if no actuarial investigation was made - the date of establishment of the sub-fund or conversion of the sub-fund to a defined benefit sub-fund; or


(b) for a new defined benefit sub-fund - at the date of establishment or conversion of the sub-fund.

9.29(4)  
A trustee of a defined benefit fund or sub-fund must, after the first actuarial investigation has been made in relation to the fund or sub-fund, require regular actuarial investigations to be made in relation to the fund or sub-fund at least every 3 years.

9.29(5)  
The Commissioner of Taxation may direct the trustee of the fund or sub-fund, in writing, to require an actuarial investigation to be made in relation to the fund or sub-fund, if the Commissioner of Taxation considers, on reasonable grounds, that to do so would be:


(a) in the prudential interests of the fund or sub-fund; and


(b) in the best interests of the members or beneficiaries of the fund or sub-fund.

9.29(6)  
The trustee of the fund or sub-fund must comply with a written direction under subregulation (5).




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