Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p47
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 47/71)
Character Range: 510852–513657

members of the fund in respect of their benefit entitlements.
 (2) In this Division, a reference to the solvency of a fund is to be read as a reference to the fund's minimum benefit index, as that term is defined in Division 9.3, being certified in accordance with that Division as not less than 1.
 (3) In this Division, a reference to the technical insolvency of the fund is to be read as a reference to the fund's minimum benefit index, as that term is defined in Division 9.3, not being able to be certified in accordance with that Division as not less than 1.

9.22  Prescription of standards
  For the purposes of subsection 31(1) of the Act, the standards contained in regulations 9.23, 9.24 and 9.25 are prescribed as standards applicable to the operation of defined benefit funds to which this Division applies.

9.23  Winding‑up of defined benefit funds
 (1) Subject to subregulation (4), the trustee of a defined benefit fund that is technically insolvent must initiate winding‑up proceedings in accordance with this Division if:
 (a) the fund fails to comply with regulations 9.17, 9.18 or 9.19 during the period of technical insolvency; or
 (b) the superannuation actuary is unable to certify the solvency of the fund at the end of that period;
and regulation 9.24 does not apply.
 (2) Winding‑up proceedings initiated under subregulation (1) must be carried out in accordance with this Division.
 (3) Subject to subregulation (4), if a trustee of a defined benefit fund to which this Division applies initiates winding‑up proceedings in relation to the fund otherwise than under subregulation (1), the winding‑up proceedings must be carried out in accordance with this Division.
 (4) This regulation does not apply to a defined benefit fund in respect of which the Regulator formulates a scheme for the winding‑up of the fund.

9.24  Alternative programs approved by the Regulator
 (1) If, as an alternative to commencing winding‑up proceedings, the responsible actuary of a defined benefit fund recommends in writing to the trustee of the fund a specified course of action, the trustee, if he or she wishes to accept the responsible actuary's recommendations, must, within 21 days after receiving the recommendations, forward a copy of the recommendations to the Regulator, together with a request that the Regulator approve the recommendations.
 (2) If the Regulator approves the responsible actuary's recommendations, and notifies the trustee in writing of the approval, the trustee must follow the specified course of action 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