sec.11What is the fund threshold

sec.11 What is the fund threshold

The fund threshold applying to an authority is— the amount prescribed for the authority by regulation for this paragraph; or if no amount is prescribed under paragraph (a) for the authority—the amount under subsection (2) for the authority. The amount for subsection (1) (b) is— if the holder of the authority has a prescribed rating—$600m; or if the scheme manager considers the financial soundness of a parent corporation of the holder when making an allocation decision for the authority and the parent corporation has a prescribed rating—$600m; or for an authority for which there is more than 1 holder— if the scheme manager considers the financial soundness of any or all of the holders of the authority when making an allocation decision for the authority and at least 1 of the holders considered has a prescribed rating—$600m; or if the scheme manager considers the financial soundness of a parent corporation of any or all of the holders of the authority when making an allocation decision for the authority and at least 1 of the parent corporations considered has a prescribed rating—$600m; or in any other case—$450m. Before recommending to the Governor in Council that an amount be prescribed under subsection (1) (a) , the Minister must have regard to— the percentage of the State’s total estimated rehabilitation cost that the amount represents; and the number of holders of authorities affected by the amount; and the effect of the matters mentioned in paragraphs (a) and (b) on the financial viability of the scheme fund; and if the actuarial sustainability of the scheme has been investigated under section 73 —the actuary’s opinion, and the scheme manager’s recommendation, about whether the fund threshold applying to all or some of the authorities should be changed. In this section— prescribed rating , in relation to the holder of an authority, means a credit rating prescribed by regulation. s 11 amd 2024 No. 33 s 93 (sec.11-ssec.1) The fund threshold applying to an authority is— the amount prescribed for the authority by regulation for this paragraph; or if no amount is prescribed under paragraph (a) for the authority—the amount under subsection (2) for the authority. (sec.11-ssec.2) The amount for subsection (1) (b) is— if the holder of the authority has a prescribed rating—$600m; or if the scheme manager considers the financial soundness of a parent corporation of the holder when making an allocation decision for the authority and the parent corporation has a prescribed rating—$600m; or for an authority for which there is more than 1 holder— if the scheme manager considers the financial soundness of any or all of the holders of the authority when making an allocation decision for the authority and at least 1 of the holders considered has a prescribed rating—$600m; or if the scheme manager considers the financial soundness of a parent corporation of any or all of the holders of the authority when making an allocation decision for the authority and at least 1 of the parent corporations considered has a prescribed rating—$600m; or in any other case—$450m. (sec.11-ssec.3) Before recommending to the Governor in Council that an amount be prescribed under subsection (1) (a) , the Minister must have regard to— the percentage of the State’s total estimated rehabilitation cost that the amount represents; and the number of holders of authorities affected by the amount; and the effect of the matters mentioned in paragraphs (a) and (b) on the financial viability of the scheme fund; and if the actuarial sustainability of the scheme has been investigated under section 73 —the actuary’s opinion, and the scheme manager’s recommendation, about whether the fund threshold applying to all or some of the authorities should be changed. (sec.11-ssec.4) In this section— prescribed rating , in relation to the holder of an authority, means a credit rating prescribed by regulation.