Document ID: chunk:federal_register_of_legislation:F2013L01247:body:0:p11
Version: federal_register_of_legislation:F2013L01247
Segment Type: other
Provision Reference: 
Character Range: 27125–31407

part of:

       (a)          the scheme established by the Superannuation Act 1976;

       (b)          the scheme established under the provisions of the Superannuation Act 1990; or

       (c)          the Military Superannuation Benefits Scheme.

Attachment B
Transitional provisions

Actions undertaken prior to 1 July 2013                                                                                                                                                                           Treatment under SPS 160 on or after 1 July 2013

Where an investigation has commenced under regulation 9.29(1) or regulation 9.29A but has not been completed, or the actuarial report of the investigation has not been obtained, as at 1 July 2013:                   1. The RSE licensee must ensure that the investigation is completed, and obtain the actuarial report of the investigation, in accordance with Division 9.5 of the SIS Regulations, as in force immediately before 1 July 2013.

                                                                                                                                                                                                                       2. If the RSE actuary finds that the financial position of the defined benefit fund is to be treated as unsatisfactory then, unless the fund is declared technically insolvent under regulation 9.16(1):

                                                                                                                                                                                                                         (a)          the RSE actuary must take the actions set out in paragraph 31; and

                                                                                                                                                                                                                         (b)          the RSE licensee must take the action set out in paragraphs 31 to 35 inclusive (including any actions required by APRA under paragraph 34 or 35).

Where an investigation commenced under regulation 9.29(1) or regulation 9.29A:                                                                                                                                        3.             A remedial action plan submitted to APRA is taken to be a restoration plan under paragraph 32 to which paragraphs 34 and 35 apply.

    (a)          has been completed;

    (b)          an actuarial report has been obtained under Division 9.5 of the SIS Regulations with a finding that the financial position of the defined benefit fund is to be treated as unsatisfactory; and

    (c)          the RSE licensee has submitted a remedial action plan to APRA:

Where an investigation commenced under regulation 9.29(1) or regulation 9.29A:                                                                                                                                        4.             The RSE licensee must put in place by 31 December 2013 a restoration plan under paragraph 32 unless the next investigation has already, or is due to be, commenced prior to that date.

    (a)          has been completed;

    (b)          an actuarial report has been obtained under Division 9.5 of the SIS Regulations with a finding that the financial position of the defined benefit fund is to be treated as unsatisfactory; and

    (c)          as at 1 July 2013 the RSE licensee has not submitted a remedial action plan to APRA:

Where a determination by APRA under regulation 9.29A(2)(b)(ii) is in force immediately before 1 July 2013:                                                                                                            5.             The determination continues as if made under paragraph 14(c) of this Prudential Standard.

Where a determination by APRA under regulation 9.29A(2)(c)(ii) is in force immediately before 1 July 2013:                                                                                                            6.             The determination continues as if made under paragraph 14(d) of this Prudential Standard.

Where an investigation has commenced under regulation 9.29(2), but not been completed, or an actuarial