56Regulator to make annual contribution determinations

56 Regulator to make annual contribution determinations

56 Regulator to make annual contribution determinations

(1) The regulator is to determine an amount for a financial year (a contribution determination) that is required for the scheme financial vehicle to be able to make the payments from the Fund that are required under this Act, including the amount required for the scheme financial vehicle to meet its liabilities as they fall due.

(2) The purpose of the contribution determination is to determine the amount required to be recovered from distribution network service providers.

(3) The amount determined by the regulator is to include—

(a) a minimum prudent cash balance for the Fund, and

(b) the amount required to be paid by each distribution network service provider.

(4) A contribution determination must contain—

(a) details of how the contribution determination was made, and

(b) other information prescribed by the regulations.

(5) A contribution determination must be published in the Gazette no later than 28 February before the beginning of the financial year to which the contribution determination is to apply, unless the Minister approves a later date.

(6) In making a contribution determination, the regulator must—

(a) consult with the financial trustee, and

(b) take into account the matters prescribed by the regulations.

(7) The scheme financial vehicle must, if requested by the regulator, provide the regulator with the information the regulator considers necessary to enable the regulator to make a contribution determination.