Document ID: chunk:federal_register_of_legislation:F2024C01248:clause:1aa_2
Version: federal_register_of_legislation:F2024C01248
Segment Type: clause
Provision Reference: sch 1AA cl 2
Character Range: 253409–254019

2  Meaning of benefit category
 (1) A benefit category is a category of membership of a defined benefit fund as certified by an actuary.
 (2) An actuary must not certify a category of membership to be a benefit category unless the actuary is satisfied that:
 (a) each hypothetical new entrant to the benefit category with the same entry age would accrue retirement benefits on substantially the same basis; or
 (b) if any 2 hypothetical new entrants to the benefit category accrued retirement benefits on a different basis, the new entrant rates for each member calculated under Parts 2 and 3 would be equal.