Document ID: chunk:federal_register_of_legislation:F2015L00809:body:0:p7
Version: federal_register_of_legislation:F2015L00809
Segment Type: other
Provision Reference: 
Character Range: 17704–20814

where the option is consistent with the funding calculation. Reference: SIS Act, s. 83A.

Minimum benefits                                                 Represents a member's minimum benefit that is required to be paid, where minimum benefit has the meaning given in SIS Regulations, r. 5.04.

Net assets available for member benefits (net of ORFR reserves)  Represents the surplus of total assets less total liabilities which are underlying the value of members' benefits, excluding the value of reserves held to meet the operational risk financial requirement. Reference: Prudential Standard SPS 160 Defined Benefit Matters, Prudential Standard SPS 114 Operational Risk Financial Requirement.

Defined benefit interests                                        Represents a member interest that is a defined benefit interest or a defined benefit pension. Reference: SIS Regulations, r. 1.03AA, r. 9.04E.

Defined contribution interests                                   Represents the portion of a member's interest in an RSE that is not a defined benefit interest. Reference: SIS Regulations, r. 1.03.

Shortfall limit

Item 2 collects the shortfall limit of the defined benefit RSE, sub-fund or SAF, as appropriate.

Reporting basis: report item 2 as at the end of the reporting period.

Unit of measurement: report item 2 as a percentage to one decimal place.

Item 2           Report the shortfall limit in item 2.

                 Example: if the Board of the RSE licensee has determined that a vested benefits index level of 95.0% is the shortfall limit, report 95.0 in item 2.

Shortfall limit  Represents the ratio of net assets available for members' benefits (net of ORFR reserves) of defined benefit interests to defined benefit interests in vested benefits determined by the Board of the RSE licensee to be the shortfall limit within the meaning given in Prudential Standard SPS 160 Defined Benefit Matters.

Actuarial projection assumptions

Item 3 collects the actuarial projection assumptions used at the most recent actuarial investigation of the defined benefit RSE, sub-fund or SAF, as appropriate.

Reporting basis: report item 3.1 to item 3.3 inclusive as at date of the most recent actuarial investigation reported in item 3.4.

Unit of measurement: report item 3.1 to item 3.3 inclusive as a percentage to two decimal places; report item 3.4 as DD/MM/YYYY.

Item 3              Report the long term assumption used for projections of: investment return in item 3.1, wage growth in item 3.2 and CPI in item 3.3. Report the date of the most recent actuarial investigation during which the actuarial projection assumptions were set, in item 3.4.

                    If the RSE actuary uses different assumptions for long term timeframes and short term timeframes, do not report the short term assumptions.

Investment return   Represents the investment return net of investment fees, costs and taxes. Exclude: all non-investment related fees and taxes, e.g. administration fees and taxes.

Wage growth         Represents the growth in wages.

CPI                 Represents