Document ID: chunk:federal_register_of_legislation:F2013L01247:body:0:p12
Version: federal_register_of_legislation:F2013L01247
Segment Type: other
Provision Reference: 
Character Range: 31015–34016

under regulation 9.29A(2)(c)(ii) is in force immediately before 1 July 2013:                                                                                                            6.             The determination continues as if made under paragraph 14(d) of this Prudential Standard.

Where an investigation has commenced under regulation 9.29(2), but not been completed, or an actuarial report has not been obtained, as at 1 July 2013:                                                               7.             The RSE licensee must ensure that the investigation is completed, and paragraph 26 of this Prudential Standard is to apply as if investigation commenced under paragraph 16.

    [1]  For the purposes of this Prudential Standard, 'RSE licensee' has the meaning given in section 10(1) of the SIS Act.
    [2]  For the purposes of this Prudential Standard 'RSE actuary' has the meaning given in section 10(1) of the SIS Act.
    [3]  In addition, to qualify as a defined benefit sub-fund, there must be no capacity to transfer assets, benefits or money between the sub-fund and any other part of the fund without a transfer of the corresponding beneficial interest unless the transfer is to meet a share of whole-of-fund expenses, such as administration costs or tax liabilities, attributable to the sub-fund.
    [4]  For the purposes of this Prudential Standard, 'defined benefit pension' means a pension within the meaning of section 10 of the SIS Act other than: (a) a pension wholly determined by reference to one or more policies of life insurance purchased or obtained by the RSE licensee of a regulated superannuation fund solely for the purpose of providing benefits to the members of that fund; or (b) an allocated, market linked or account-based pension (as defined in regulation 1.03 of the SIS Regulations).
    [5]  Refer to Prudential Standard SPS 114 Operational Risk Financial Requirement.
    [6]  For the purposes of this Prudential Standard, 'satisfactory financial position' is the situation where the value of the assets (excluding assets held to meet the ORFR) is adequate to cover the liabilities in respect of vested benefits.
    [7]  For the purposes of this Prudential Standard, a reference to 'a group' is a reference to a group comprising the RSE licensee and all connected entities and all related bodies corporate of the RSE licensee, 'connected entity' has the meaning given in section 10(1) of the SIS Act and 'related body corporate' has the meaning given in section 50 of the Corporations Act 2001 (Corporations Act).
    [8]  For the purposes of this Prudential Standard, a reference to 'the Board' is a reference to the Board of directors or group of individual trustees of an RSE licensee and 'group of individual trustees' has the meaning given in section 10(1) of the SIS Act.
    [9]  For the purposes of this Prudential Standard, an 'RSE licensee's business operations' includes all activities as an RSE licensee (including the activities