Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:8:p8
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 8 (pt 8/41)
Character Range: 652729–655223

amount of benefits in respect of the member that is attributable to the exercise of discretion by, or on behalf of, the trustee of the fund is to be disregarded.

12.04  Estimation of net market value of fund assets
  For the purposes of the definition of net market value of fund assets in subregulation 12.03(2), the following matters are specified:
 (a) the assumptions that, when the assets are sold:
 (i) the buyer and seller of the assets are willing, but not anxious, to buy and sell the assets; and
 (ii) there is a period in which to negotiate the sale that is reasonable, having regard to the nature and situation of the assets and the state of the market for assets of the same kind; and
 (iii) the assets will be reasonably exposed to the market; and
 (iv) no account is taken of the value or other advantage or benefit, additional to market value, to the buyer incidental to ownership of the assets;
 (b) the value of any estate in the property comprising the assets that is not held by the trustee in the capacity of trustee;
 (c) deduction of the costs of disposing of the assets from the proceeds of the disposal.

12.05  Value A of accrued benefits
 (1) Value A of accrued benefits in relation to a superannuation fund is the total value of accrued benefits in respect of all members of the fund as at 30 June 1988 that is calculated in accordance with regulation 12.07.
 (2) For the purposes of calculating value A of accrued benefits, the following assumptions apply:
 (a) that a member of the superannuation fund will not die or become disabled before the member's normal retirement from the work force;
 (b) that the governing rules of the fund providing for benefits and the amounts of the benefits vested in members of the fund are those rules and amounts as at 25 May 1988;
 (c) that the value of the accrued benefits in the fund in respect of a member of the fund is not less than the amount of benefits vested in the member on 30 June 1988;
 (d) if the governing rules of the fund provide for adjustment of pension benefits to compensate for changes in the cost of living at the discretion of the trustees of the fund, that the rules providing for adjustment are disregarded, unless:
 (i) all pension benefits have been increased under that rule on at least 3 occasions before 30 June 1988; and
 (ii) at least 1 of those increases occurred in the period from the beginning of 1 July 1985 to the end of 30 June 1988.
 (3) Subject to this regulation, the elements of the