79Capital adequacy in accordance with capital management plan

79 Capital adequacy in accordance with capital management plan (1) The trustees of a scheme must: (a) have a capital management plan for the scheme to ensure there is adequate capital in the scheme at all times; and (b) comply with the plan. (2) A capital management plan is a plan, approved by the Minister in writing, that includes the following information: (a) the minimum value of net tangible assets the scheme is required to hold (the minimum value); (b) the value of net tangible assets to be held by the scheme above the minimum value, having regard to the level of risk in relation to the scheme's liabilities (the additional value); (c) the time within which the scheme is to hold the additional value; (d) any other information as required by the Minister in writing. (3) The net tangible assets of the scheme: (a) are the scheme's total tangible assets less the scheme's total liabilities; and (b) must be calculated: (i) on the basis that the amount of all claims that have been notified to the trustees at the time of calculation, but not determined and paid by the trustees, are included in the total liabilities; or (ii) on a different basis as specified by the Minister in writing.

Chapter 3 Fidelity fund schemes and approved schemes Part 3.4 Approved schemes – prudential standards Division 3 Actuarial matters Building (RBI and Fidelity Fund Schemes) Regulations 2012 43 (4) As soon as practicable after the end of the first year of approval and each financial year of the scheme, the trustees must: (a) review the capital management plan and, if necessary, amend the plan; and (b) submit the plan (whether amended or not) to the Minister for approval. (5) The trustees must make the capital management plan available to the public as soon as practicable after it is approved. (6) The trustees must notify the Minister in writing immediately if the value of the net tangible assets held in the scheme falls below the minimum value.