Superannuation Industry (Supervision) Regulations 1994
In forming an opinion for the purposes of paragraph 130(1)(a) of the Act or subregulation 9.31(3) whether the financial position of a defined benefit fund may be about to become unsatisfactory, a person must consider whether, at the end of the 3-year period immediately following the date at which the person's calculations are done, the value of the assets of the fund is likely (based on the expectations referred to in subregulation (2)) to be inadequate to meet the value of such of the liabilities of the fund as relate to the benefits vested in the members of the fund.9.03(2) [Basis for likelihood of inadequate value]
(a) if the person considering the matter is a superannuation actuary - on the actuary's reasonable expectations; and
(b) if the person considering the matter is a superannuation auditor - on the reasonable expectation of a superannuation actuary on whose advice the auditor has relied in relation to the matter.
Nothing in subregulations (1) and (2) is to be taken to affect the meaning of paragraph 130(1)(a) of the Act.9.03(4) [Actuarial function deemed performed]
For the purposes of paragraph 130(1)(b) of the Act, if a superannuation actuary in the course of performing a function for an entity under the Act or these regulations obtains sufficient information to enable the actuary to assess the financial position of the entity, the actuary is taken to have performed an actuarial function under the Act or these regulations in relation to the entity.
For the purposes of paragraph 130(1)(b) of the Act, if a superannuation auditor in the course of performing a function for an entity under the Act or these regulations obtains sufficient information to enable the superannuation auditor to assess the financial position of the entity, the superannuation auditor is taken to have performed an audit function under the Act or these regulations in relation to the entity.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.