Superannuation Schemes (Fees) Regulations 1992
[ Last Updated 12 September 2006 ]
1. Title and Commencement
(1) These regulations may be cited as the Superannuation Schemes (Fees) Regulations 1992.
(2) These regulations shall come into force on the 28th day after the date of their notification in the Gazette.
2. Interpretation
In these regulations, unless the context otherwise requires,--
"Act" means the Superannuation Schemes Act 1989:
"Insurer" includes-
(a) A life insurance company within the meaning of section 2 of the Life Insurance Act 1908; and
(b) The trustee or trustees of a registered superannuation scheme:
"Net assets", in relation to a superannuation scheme,-
(a) Means the market value of the
assets of the scheme, net of borrowings, at the close of the financial year to which the annual report refers; and
(b) Includes, where the assets of the scheme include policies or contracts of life insurance and annuities on the lives of scheme members and beneficiaries, the aggregate of the amounts assessed by the insurer as the current value of those policies or contracts at the close of the financial year to which the annual report refers:
"Policies or contracts of life insurance and annuities" excludes any policy or contract which provides only for a lump sum payment on death or disablement or both.
3. Fees
There shall be paid to the Government Actuary, for each matter specified in the Schedule to these regulations, the fee specified for it in that Schedule, or, as the case may be, the appropriate fee calculated in accordance with the rate prescribed in that Schedule.
4. Goods And Services Tax Included
The fees prescribed by, or to be calculated in accordance with, these regulations are inclusive of goods and services tax under the Goods and Services Tax Act 1985.
5. Revocation
The Superannuation Schemes (Fees) Regulations 1991* are hereby consequentially revoked.
*S.R. 1991/214
Back to Top