Document ID: chunk:federal_register_of_legislation:C2023C00441:clause:2_1
Version: federal_register_of_legislation:C2023C00441
Segment Type: clause
Provision Reference: sch 2 cl 1
Character Range: 117491–118246

1  Simplified outline
  The following is a simplified outline of this Schedule:

         • Amounts may be debited from the Fund Account in accordance with the purposes of the Fund Account.
         • The main purpose of the Fund Account is to discharge unfunded superannuation liabilities from whichever is the earlier of:

                (a) the time when the balance of the Fund is greater than or equal to the target asset level;
                (b) 1 July 2020.
Note: The target asset level is specified in a declaration (a target asset level declaration) given by the designated actuary under Schedule 3. The target asset level represents the amount that is expected to offset the present value of projected unfunded superannuation liabilities.