Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:8:p11
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 8 (pt 11/41)
Character Range: 659809–662428

value A or B of accrued benefits
  For the purposes of regulations 12.05 and 12.06, the value of the benefits payable to a member in respect of a period after 30 June 1988 is the total of the amounts in respect of each financial year, or part of a financial year, in the period that are determined by a superannuation actuary:
 (a) in respect of each kind of benefit that the member is, or may be, entitled to receive from the superannuation fund; and
 (b) by using the following formula:

  where:
  P1 is the probability, determined by the superannuation actuary, of the member being paid a benefit in each financial year, or part of a financial year; and
  Net present value is the value of each benefit to the fund, being an amount that is determined by the superannuation actuary as at 30 June 1988:
 (i) in the case of the calculation of value A of accrued benefits—using the earning rate of the fund used in the actuarial investigation of the fund mentioned in subregulation 12.05(3); and
 (ii) in the case of the calculation of value B of accrued benefits—using the earning rate of the fund referred to in paragraph 12.06(2)(d); and
  P2 is a proportion that is calculated:
 (i) in the case of the calculation of value A of accrued benefits—using the method applied in the actuarial investigation of the fund mentioned in subregulation 12.05(3); and
 (ii) in the case of the calculation of value B of accrued benefits—as follows:

  where a reference to completed period of fund membership in relation to the member at a particular time is a reference to the period from the time at which the member joined, or last joined, the fund to the particular time.

12.08  Date before which applications to be made
  For the purposes of paragraph 342(3)(b) of the Act, the day on or before which an application in relation to a fund must be made is the day specified for that purpose by APRA by notice in writing given to the trustee of the fund.

12.09  Application fees
 (1) For the purposes of subparagraph 342(3)(d)(ii) of the Act, the following application fees are prescribed:
 (a) if the application is for a PJFC that consists of a late payment amount or is the aggregate of late payment amounts—$300;
 (b) subject to subregulation (2), if the application is for a PJFC that consists of a shortfall‑in‑assets amount or is the aggregate of shortfall‑in‑assets amounts, an amount calculated using the formula:

 (c) if an application is for a PJFC that includes:
 (i) a late payment amount or the aggregate of late payment amounts; and
 (ii) a shortfall‑in‑assets amount or the aggregate of shortfall‑in‑assets