Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p46
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 46/71)
Character Range: 508273–511064

responsibility for the fund, the responsible actuary must, if practicable, inform the Regulator and the trustee that this is the case, giving the actuary's reasons.
 (6) As soon as a trustee of a fund becomes aware that the responsible actuary for the fund is no longer willing or able to accept responsibility for the fund, the trustee must secure the services of another responsible actuary in accordance with subregulation (3) and must inform the Regulator of the change in the fund's responsible actuary.

Division 9.4—Winding‑up of defined benefit funds

9.20  Application
  This Division applies only to defined benefit funds other than:
 (a) funds that are part of one of the following schemes:
 (i) the scheme established by the Superannuation Act 1976;
 (ii) the scheme established under the provisions of the Superannuation Act 1990;
 (iii) the Military Superannuation and Benefits Scheme; and
 (b) funds that are part of an exempt public sector superannuation scheme; and
 (c) funds that have never been used to reduce or remove the superannuation guarantee charge imposed by section 5 of the Superannuation Guarantee Charge Act 1992.

9.21  Interpretation
 (1) In this Division:
benefit entitlements of former members has the same meaning as in subregulation 9.15(2).
funded minimum requisite benefit has the same meaning as in subregulation 9.15(2).
minimum benefit index at the winding‑up date, in relation to a defined benefit fund, means an index calculated in accordance with regulation 9.15 except that the net realisable value of the assets is, for the purposes of the calculation, taken to be the net realisable value of the assets at the winding‑up date as defined by this Division.
net realisable value of the assets at the winding‑up date, in relation to a defined benefit fund, means the amount calculated by deducting the sum of:
 (a) the actual cost of disposing of the assets of the fund; and
 (b) the administration, and other, costs associated with the winding‑up proceedings being carried out in relation to the fund in accordance with this Division;
from the amount received on realisation of the assets of the fund.
period of technical insolvency has the same meaning as in Division 9.3.
responsible actuary, in relation to a defined benefit fund, means an actuary who, under subregulation 9.19(3), accepted responsibility for the fund during its period of technical insolvency.
winding‑up date, in relation to a defined benefit fund, means the date at which the trustee determines the allocations to be made, under the winding‑up proceedings, to 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