33Superannuation commitments

## 33 Superannuation commitments (1) In this clause, corporation, means a company or an entity in an economic entity. (2) If at the end of a financial period there is in existence a superannuation or retirement benefit plan established or sponsored by a corporation, or in which the corporation participates, the accounts of the corporation or, if the corporation is an entity in an economic entity, the consolidated accounts must include a note: (a) stating that the plan exists; and (b) stating the principal type of benefit provided for under the plan; and (c) stating the basis of contributions to the plan; and (d) stating whether the corporation is obliged to contribute to the plan and, if the corporation has such an obligation, whether it is legally enforceable; (e) stating the date of the last actuarial assessment (if any) of the plan and the name and qualifications of the actuary who made that assessment; and (f) subject to subclause (3), showing that funds are or are not available, as the case may be, for the purposes of the plan to satisfy all benefits that would have been vested under the plan in the event of: (i) termination of the plan; or (ii) voluntary termination of the employment of each employee of the corporation on the initiative of that employee; or (iii) compulsory termination of the employment of each employee of the corporation by the corporation; (g) if in accordance with paragraph (f) the note shows that funds are not available — subject to subclause (3), stating particulars of the deficiency; and (h) if the calculation required to show whether funds are or are not available is not made for the last day of that period — stating the day for which that calculation was made. (3) If: (a) an entity in an economic entity has a right or interest in a business undertaking that is material to the economic entity; or (b) 2 or more entities in an economic entity have rights or interests in a business undertaking that are in total material to the economic entity; the information required by paragraphs (2) (f) and (g) need only be given to the extent of that corporation’s participation in the plan. (4) In working out whether funds are available for a plan established or sponsored by a corporation or in which a corporation participates, regard must be had to benefits payable to: (a) a former employee of the corporation who is receiving benefits under the plan; or (b) a dependant of a deceased employee or a deceased former employee of the corporation.