119LMatters to be taken into account by actuary in furnishing advice to Board

#### 119L Matters to be taken into account by actuary in furnishing advice to Board (1) In furnishing advice to the Board in relation to the determination by the Board, for the purposes of section 119J or K, of the number of units of pension that was equivalent to the amount of a transfer value, or to the total of the amounts of any transfer values, that is or are, or would have become, payable to or in respect of a person under a superannuation scheme, an actuary shall have regard to actuarial principles and practice and shall take into account all relevant matters, including: (a) the extent to which the transfer value or each of the transfer values was, or would have been, based upon contributions under the superannuation scheme by the employer of the person and the extent (if any) to which it was, or would have been, based upon contributions by the person; (b) the age of the person at the date on which he became an employee; (c) whether the person has made an election under section 24; (d) the respective rates of mortality, invalidity and withdrawal from the Fund that are assumed, for the purposes of the advice, to apply in relation to the class of contributors in which the person is included; and (e) the rates of interest that it is assumed, for the purposes of the advice, will be earned by the assets of the Fund. (2) In furnishing advice to the Board in relation to the determination by the Board, for the purposes of section 119J or K, of the number of units of pension that was equivalent to a pension that is, or would have become, payable to a person under a superannuation scheme, an actuary shall have regard to actuarial principles and practice and shall take into account all relevant matters, including: (a) the amount that was the amount of the pension at the date on which the person became an employee or would have been the amount of the pension at that date if the pension had become payable to the person; (b) whether, in the event of the death of the person leaving a widow or a child or children, any benefits would be payable under the superannuation scheme to the widow or in respect of the child or children or would have been so payable if the pension had become payable to the person; (c) the age of the person at the date on which he became an employee; and (d) whether the person has made an election under section 24. (3) In furnishing advice to the Board in relation to the determination by the Board, for the purposes of section 119J or K, of the number of units of pension that was equivalent to any deferred benefits that are, or would have become, applicable in respect of a person under a superannuation scheme, an actuary shall have regard to actuarial principles and practice and shall take into account all relevant matters, including: (a) the nature of the deferred benefits; (b) the circumstances in which the benefits were to become, or would have become, payable; (c) the amount of any pension or lump sum that has or will become, or would have become, payable as, or as part of, the deferred benefits; (d) the age of the person at the date on which he became an employee; and (e) whether the person has made an election under section 24.