Document ID: chunk:federal_register_of_legislation:F2013L01247:body:0:p13
Version: federal_register_of_legislation:F2013L01247
Segment Type: other
Provision Reference: 
Character Range: 33754–36449

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 of each RSE of which it is the licensee), and all other activities of the RSE licensee to the extent that they are relevant to, or may impact on, its activities as an RSE licensee.
    [10]  Paragraph 10 does not apply to a fund that is part of public sector superannuation scheme that, under the rules of the scheme, is not fully funded. 'Fully funded' in relation to a fund means funded in advance in accordance with actuarial advice at a level that is reasonably expected by the actuary to be adequate to provide for present and prospective liabilities in respect of benefits relating to the fund.
    [11]  The shortfall limit may be determined in consultation with an RSE actuary appointed by the RSE licensee.
    [12]  Refer to Reporting Standard SRS 160.0 Defined Benefit Matters.
    [13]  Where an actuarial investigation is made into each sub-fund, an RSE licensee is not required to complete an investigation into the fund as a whole. An RSE licensee is not required to undertake such investigations of each sub-fund at the same time.
    [14]  Where this Prudential Standard provides for APRA to request a copy of the report, or otherwise exercise a power or discretion, the power or discretion is to be exercised in writing.
    [15]  'Accrued benefits of a member of the fund' has the meaning given in regulation 9.27 of the SIS Regulations (i.e. the benefits to which the member has an absolute or potential entitlement at the valuation date on account of the length of time the member has been a member of the fund at that date (including any amount that would be payable out of those benefits to the member's spouse or former spouse under a payment split)).
    [16]  For the purposes of this Prudential Standard, a reference to the 'solvency' of a defined benefit fund or defined benefit sub-fund is a reference to the minimum benefit index of the fund or sub-fund being certified as not less than one in accordance with Part 9 of the SIS Regulations.
    [17]  Refer to Prudential Standard SPS 250 Insurance in Superannuation for additional requirements in respect to the offering of insured benefits.
    [18]  For the purposes of this Prudential Standard, a reference to 'beneficiaries' is a reference to 'beneficiaries of an RSE within the RSE licensee's business operations'.
    [19]  As in force immediately prior to 1 July 2013 pursuant to Modification Declaration No. 23 made under Part 29 of the SIS Act