Document ID: chunk:federal_register_of_legislation:F2024L00653:body:0:p12
Version: federal_register_of_legislation:F2024L00653
Segment Type: other
Provision Reference: 
Character Range: 46149–49829

conjunction with the insurer.

Default level of cover (dollar amount)                                         Means the dollar amount of cover of a specific insurance cover offered that an individual member would have under an insurance policy included in an insurance cluster as at the reporting date had they made no elections relating to their insurance.  This amount may be affected by the member's age, gender, occupation category or other factors as determined by the RSE licensee in conjunction with the insurer.

Default level of cover (percentage of salary)                                  Means the percentage of salary amount of cover of a specific insurance cover offered that an individual member would have under an insurance policy included in an insurance cluster as at the reporting date had they made no elections relating to their insurance. This default level of cover may be affected by the member's age, gender, occupation category or other factors as determined by the RSE licensee in conjunction with the insurer.

Default smoker status                                                          Means the smoker status that a member is allocated until they provide additional information that results in them moving to a different smoker status.

Default worker category                                                        Means the category of worker is allocated to until they provide additional information that result them moving into a different worker category.

Defensive Alternatives (strategic sector) / (strategic subsector)              Means Alternatives that are designed to protect the value of the portfolio with low correlation to traditional markets.

Defined Benefit Accumulation And Retirement (product phase)                    Means that the fund supports benefits in both the accumulation and retirement phase. Defined Benefit Accumulation And Retirement (product phase) should be used for defined benefit products only.

Defined benefit member                                                         Means a member who:

                                                                               a)      satisfies the definition of defined benefit member in regulation 1.03 of the SIS Regulations; or
                                                                               b)     is being paid a defined benefit pension as defined in regulation 1.03 of the SIS Regulations.

                                                                               .

Defined benefit members' benefits                                              Means the present value of expected future benefit payments to defined benefit members and beneficiaries arising from membership, agreed with the participating employer and measured using actuarial assumptions and valuations where appropriate. The concept of defined benefit members' benefits aligns with the concept of 'defined benefit member liabilities' as defined in Australian Accounting Standards.

Defined Benefit Product (product type)                                         Means a superannuation product offered where all the members of the fund who hold that class of beneficial interest in the fund are defined benefit members.

Defined Benefit (investment option type)                                       Means an investment option type offered where all the members of the fund who hold that class of beneficial interest in the fund are defined benefit members.

Defined contribution members' benefits                                         Means the present obligation to pay benefits to defined contribution members and beneficiaries.

Derivative net transactions