Document ID: chunk:federal_register_of_legislation:F2013L01247:body:0:p5
Version: federal_register_of_legislation:F2013L01247
Segment Type: other
Provision Reference: 
Character Range: 11005–13911

that they are not inconsistent with the requirements of this Prudential Standard. In the event of any inconsistency arising from application of the professional standards and this Prudential Standard, the requirements of this Prudential Standard prevail.

Report of the actuarial investigation – regular and initial investigations
    21.         An RSE licensee must obtain an actuarial report in relation to each initial and regular investigation undertaken. The RSE licensee must obtain the report from the RSE actuary within six months of the date at which the investigation was effective (valuation date) unless otherwise specified in paragraph 39.

    22.         APRA may request an RSE licensee to provide APRA with a copy of the report and the RSE licensee must provide it within 15 business days of receipt of the request.[14]

    23.         An RSE licensee must ensure that an actuarial report of an initial or regular investigation for a defined benefit fund (including a fully funded public sector superannuation scheme) contains, at a minimum:

       (a)          the value of the assets of the fund at the valuation date, excluding any amount held to meet the ORFR;

       (b)          a projection made by the RSE actuary of the likely future financial position of the fund, during the three years following the valuation date, based on the reasonable expectations of the actuary;

       (c)          a statement of the RSE actuary's opinion on whether, at the valuation date, the value of the assets of the fund, excluding any amount held to meet the ORFR, is adequate to meet the liabilities in respect of the accrued benefits of the members of the fund.[15] In preparing the statement, the RSE actuary must assess and comment on the appropriateness of the assumptions and valuation methods used to determine the accrued benefit liability;

       (d)          a statement regarding the financial position of the fund that indicates whether it is to be treated as unsatisfactory, and whether, in the opinion of the RSE actuary, the shortfall limit should be reviewed. If the RSE actuary finds that the financial position is to be treated as unsatisfactory, the statement must contain the information required under paragraph 31(a);

       (e)          a statement indicating the value of the liabilities of the fund in respect of the minimum benefits of the members of the fund;

       (f)           if the fund has been used to meet obligations under the Superannuation Guarantee Administration Act 1992, a statement as to whether or not all necessary funding and solvency certificates were obtained during the period under investigation, and a statement as to whether or not the RSE actuary expects that an RSE actuary will be able to certify the solvency of the fund in any funding and solvency certificate required during the three-year period following the valuation