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Superannuation (prudential standard) determination No. 2 of 2013 - Prudential Standard SPS 160 - Defined Benefit Matters
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Interpretation
- For the purposes of this Prudential Standard, ‘defined benefit member’ means a member who:
(a) is being paid a defined benefit pension[4]; or
(b) is entitled, on retirement or termination of employment, to be paid a benefit defined, wholly or in part, by reference to either or both of:
(i) the amount of:
- the member’s salary at the date of the termination of the member’s employment or of the member’s retirement or an earlier date; or
- the member’s salary averaged over a period before retirement; or
(ii) a specified amount.
- For the purposes of this Prudential Standard, ‘unsatisfactory financial position’ means the value of the assets of the defined benefit fund or defined benefit sub-fund, excluding any amount held to meet the operational risk financial requirement (ORFR)[5], is not adequate to cover the liabilities of the fund or sub-fund in respect of the benefits vested in the members of the fund or sub-fund.[6]