Document ID: chunk:federal_register_of_legislation:F2017L00724:body:0:p20
Version: federal_register_of_legislation:F2017L00724
Segment Type: other
Provision Reference: 
Character Range: 62123–65484

pay benefits of the RSE in item 24 as total assets reported in item 15 minus total liabilities reported in item 23.

Net assets available to pay benefits                   Represents the surplus of total assets less total liabilities

Attributed to: defined benefit members' benefits       Represents the present value of expected future benefit payments to defined benefit members and beneficiaries arising from membership, measured using actuarial assumptions and valuations where appropriate.

Attributed to: defined contribution members' benefits  Represents the present obligation to pay benefits to defined contribution members and beneficiaries.

Item 25                 Report reserves in item 25.

Reserves                Represents the portion of net assets available for members' benefits which is not total liability for members' benefits.

                        Includes: reserves such as ORFR reserve, investment reserve and self-insurance reserve.

                        Excludes: surplus/deficit in net assets, unallocated contributions that are not part of a formal reserve.

ORFR reserve            Operational Risk Financial Requirement reserve represents the reserve held within an RSE within the RSE licensee's business operations for the purposes of meeting the operational risk financial requirement. An ORFR reserve must be separately identifiable from member accounts and reserves held in the RSE for other purposes.

Investment reserve      Represents the difference between the cumulative values of investment income (net of investment expenses) allocated to members' accounts compared to the cumulative investment income (net of investment expenses) earned.

                        Includes: investment fees deducted from members accounts but not yet allocated for payment of investment related expenses.

Self-insurance reserve  Represents a reserve designated by the RSE licensee as being for the purposes of funding self-insurance arrangements.

Item 26                          Report liability for members' benefits in item 26.

                                 Item 26.1, column 1, is a derived item. Report liability for members' benefits in column 1 as the sum of attributed to: defined benefit members' benefits in column 2 and attributed to: defined contribution members' benefits in column 3, where applicable.

                                 Report liability for members' benefits in respect of a PST in item 26.1, column 3. This represents the beneficial rights of unit holders in the trust as a result of investment in the RSE.

                                 Item 26.3 is a derived item. Report total liability for members' benefits as the sum of liability for members' benefits reported in item 26.1, and unallocated contributions reported in item 26.2.

Liability for members' benefits  Represents the present obligation to members and beneficiaries for benefits they are entitled to receive in the future as a result of membership of the RSE.

Unallocated contributions        Represent contributions received but not yet allocated to specific member accounts or reserves.

Item 27                                       Item 27 is a derived item. Report surplus/deficit in net assets as net assets available for members' benefits reported in item 24 minus the sum of total reserves reported in item