Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p48
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 48/71)
Character Range: 513395–516122

as recommended.

9.25  Winding‑up proceedings—priorities
 (1) If, under regulation 9.23, winding‑up proceedings in relation to a defined benefit fund are to be carried out in accordance with this Division, priority must be given to the liabilities of the fund in accordance with this regulation.
 (2) The first charge on the assets of the fund must be the liability in respect of the administration and other costs associated with the winding‑up proceedings.
 (3) In determining the priorities to be given to the remaining liabilities of the fund, the trustee must ensure compliance with subregulations (4) and (5).
 (4) If the fund's minimum benefit index at the winding‑up date is equal to or greater than 1, the benefit entitlement allocated to each individual member of the fund at the winding‑up date must be an amount that is not less than the sum of such part of:
 (a) the funded minimum requisite benefit; and
 (b) the benefit entitlements of former members;
as is attributable to that individual member.
 (5) If the fund's minimum benefit index at the winding‑up date is less than 1, the benefit entitlement allocated to each individual member of the fund at the winding‑up date must not be either:
 (a) greater than the amount referred to in subregulation (4) in respect of that individual member; or
 (b) less than an amount calculated by multiplying the amount referred to in subregulation (4) in respect of that individual member by the fund's minimum benefit index at the winding‑up date.

Division 9.5—Actuarial standards relating to defined benefit funds that are self‑managed superannuation funds

9.26  Application
  This Division applies to a defined benefit fund that is a self‑managed superannuation fund.

9.27  Interpretation
  In this Division:
accrued benefits, in relation to a member of a defined benefit fund or a defined benefit sub‑fund:
 (a) means 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 or sub‑fund; and
 (b) includes any amount that would be payable out of the benefits mentioned in paragraph (a) to the member's spouse or former spouse under a payment split.
new fund means:
 (a) any defined benefit fund established on or after 1 July 1994; or
 (b) any fund converted on or after 1 July 1994 to a defined benefit fund;
in respect of which no previous actuarial report has been made.
valuation date, in relation to a defined benefit fund or sub‑fund, means the date on which an investigation required under regulation 9.29 or 9.29A was carried out in relation to the fund or sub‑fund.

9.28  Prescription of standards
  For the purposes of subsection 31(1) of the