Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p54
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 54/71)
Character Range: 528227–530967

trustee of the requirements of that program.
 (3) The trustee of the fund must not add an amount to the minimum guaranteed benefits of members of the fund during any period of technical insolvency unless:
 (a) the addition is approved in writing by the fund's actuary; or
 (b) the amount is added in accordance with a scheme approved in writing by the fund's actuary for the adding of such amounts.
 (4) During any period of technical insolvency of the fund, the trustee of the fund must not make any payment from the fund unless:
 (a) the fund's actuary gives written approval for that particular payment to be made; or
 (b) the amount of the payment is determined in accordance with a scheme for payment approved in writing by the fund's actuary.

Division 9.7—Winding‑up of accumulation funds

9.40  Application
  This Division applies only to accumulation funds to which Division 9.6 applies.

9.41  Interpretation
 (1) In this Division:
fund's actuary means a superannuation actuary whose services are secured under subregulation 9.39(2).
minimum guaranteed benefit, in relation to a member of an accumulation fund, has the same meaning as in Division 9.6.
net realisable value of the assets at the winding‑up date, in relation to an accumulation fund, means the amount calculated by deducting from the amount received on realisation of those assets the sum of:
 (a) the actual cost of disposing of the assets of the fund; and
 (b) the administration and other costs associated with winding‑up proceedings in respect of the fund.
period of technical insolvency, in relation to an accumulation fund, has the same meaning as in Division 9.6.
winding‑up date, in relation to an accumulation fund, means the date at which the trustee determines the allocations to be made, under the winding‑up proceedings, to members of the fund in respect of their benefit entitlements.
 (2) In this Division, a reference to an accumulation fund being solvent at the winding‑up date is to be read as a reference to the net realisable value of the assets at the winding‑up date being equal to or greater than the minimum guaranteed benefits of members of the fund at that date.
 (3) In this Division, a reference to an accumulation fund being technically insolvent at the winding‑up date is to be read as a reference to the net realisable value of the assets at the winding‑up date being less than the minimum guaranteed benefits of members of the fund at that date.

9.42  Prescription of standards—winding‑up of accumulation funds
  For the purposes of subsection 31(1) of the Act, the standards contained in regulations 9.43, 9.44 and 9.45 are prescribed as standards applicable to the operation of accumulation funds which this Division applies.

9.43