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Superannuation (prudential standard) determination No. 2 of 2013 - Prudential Standard SPS 160 - Defined Benefit Matters
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This Prudential Standard applies to all registrable superannuation entity (RSE) licensees (RSE licensees) of a defined benefit fund unless otherwise expressly stated in this Prudential Standard or where the RSE is listed in Attachment A.[1] Certain provisions of this Prudential Standard also apply to RSE actuaries.[2]
For the purposes of this Prudential Standard, ‘defined benefit fund’ means a regulated superannuation fund that has at least one defined benefit member, including where the regulated superannuation fund is a public sector superannuation scheme.
For the purposes of this Prudential Standard, ‘defined benefit sub-fund’ means a sub-fund of a defined benefit fund that has at least one defined benefit member, separately identifiable assets and separately identifiable beneficiaries and the interest each beneficiary has in the sub-fund is determined wholly or partly by reference to the conditions governing the sub-fund.[3] In this Prudential Standard, unless otherwise expressly indicated:
(a) a reference to a defined benefit fund includes a reference to a defined benefit sub-fund; and
(b) a requirement applying to a defined benefit fund may be met by satisfying the requirement in relation to each defined benefit sub-fund in the fund.
An RSE licensee identified in paragraph 2 must comply with this Prudential Standard in its entirety, unless otherwise expressly indicated. An RSE actuary undertaking functions under this Prudential Standard must comply with those requirements of this Prudential Standard expressed to apply to RSE actuaries.
This Prudential Standard commences on 1 July 2013 (effective date).