Document ID: chunk:federal_register_of_legislation:F2023L00623:body:0:p5
Version: federal_register_of_legislation:F2023L00623
Segment Type: other
Provision Reference: 
Character Range: 11241–14538

* account balance; or
                                             * other (please specify).

I
Increase / (decrease) in unallocated surplus                       This is the increase / (decrease) in unallocated surplus in the fund.
Investment earnings and capital gains gross of tax and net of IME  This is the total of investment earnings and capital gains earned by the assets within the fund before tax and net of investment management expenses.
Investment management expenses                                     This is fixed and variable costs to the fund of managing the investment portfolio.

M
Management fee rate                 This is the FUM management fee rate applying at the end of the reporting period to the benefit fund to cover the cost of operating and administering the benefit fund. This rate excludes investment management expenses and is before tax. This rate would be disclosed to members on the product disclosure statement and / or on letters to members (if there is a change in the rate).
Members' combined account balances  This is the fair value of all the fund member's combined account balances. This excludes unallocated surpluses.

O
Other expenses incurred in the fund  This is the total operating expenses of the fund excluding fees paid to the management fund, fees received by the management fund and investment management expenses.

S
Surplus distributed to benefit fund members as declared bonus             This is the amount of surplus distributed to benefit fund members as declared bonus, which is added to the guaranteed benefits of members who remain in-force at the end of the reporting period.
Surplus distributed to benefit fund members as interim or terminal bonus  This is the amount of surplus distributed to benefit fund members as interim or terminal bonus, which is added to the benefits of members who exited the fund during the reporting period.

T

Tax on investment earnings and capital gains  This is the total tax expense (including deferred tax) on investment earnings and capital gains earned by the assets within the fund. This is net of tax deduction on investment management expenses.

U

Unallocated surplus - regulatory capital self-supporting level  This is the amount of unallocated surplus at which prescribed LAGIC stresses are absorbed entirely.
Unallocated benefit reserve                                     For defined benefit business, this includes:

                                                                    * surplus that will be distributed to the management fund under the approved benefit fund rules; and
                                                                    * surplus that may be distributed to the management fund (or another benefit fund) or used for benefit enhancement under the approved benefit fund rules.

                                                                This does not apply to defined contribution business.

                                                                This forms part of accounting equity.
Unallocated distributable surplus                               This is the maximum amount of unallocated surplus that could be immediately distributed to benefit fund members without causing a breach of the capital adequacy standards.
Unallocated