sec.83Actuarial calculation

sec.83 Actuarial calculation

Each appointed actuary’s calculation of the finalised amount of the non-scheme employer’s liability under section 105B (3) of the Act must— be prepared under the actuarial standard; and apply a central estimate of the liability; and apply the same risk free rate of return that was used in estimating under subdivision 2 the non-scheme employer’s liability under section 105B (3) of the Act ; and include claims administration expenses of 7% of the non-scheme employer’s liability under section 105B (3) of the Act ; and not include a prudential margin; and be based, to the extent practicable, on claims for compensation and damages made against the non-scheme employer; and have regard to payments for compensation and damages made in relation to the non-scheme employer’s liability under section 105B (3) of the Act during the period (the 4 year period ) that— starts on the cancellation day; and ends 4 years after the cancellation day; and be based on data that— is up-to-date on the last day of the last financial quarter of the 4 year period for which data is available; and only relates to the period before the non-scheme employer’s exit date.

• (a) be prepared under the actuarial standard; and
• (b) apply a central estimate of the liability; and
• (c) apply the same risk free rate of return that was used in estimating under subdivision 2 the non-scheme employer’s liability under section 105B (3) of the Act ; and
• (d) include claims administration expenses of 7% of the non-scheme employer’s liability under section 105B (3) of the Act ; and
• (e) not include a prudential margin; and
• (f) be based, to the extent practicable, on claims for compensation and damages made against the non-scheme employer; and
• (h) have regard to payments for compensation and damages made in relation to the non-scheme employer’s liability under section 105B (3) of the Act during the period (the 4 year period ) that— (i) starts on the cancellation day; and (ii) ends 4 years after the cancellation day; and
• (i) starts on the cancellation day; and
• (ii) ends 4 years after the cancellation day; and
• (i) be based on data that— (i) is up-to-date on the last day of the last financial quarter of the 4 year period for which data is available; and (ii) only relates to the period before the non-scheme employer’s exit date.
• (i) is up-to-date on the last day of the last financial quarter of the 4 year period for which data is available; and
• (ii) only relates to the period before the non-scheme employer’s exit date.
• (i) starts on the cancellation day; and
• (ii) ends 4 years after the cancellation day; and