Federal Register of Legislation - Australian Government

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PR No. 47 Rules/Other as made
Revokes the old Prudential Rules No. 47 (made on 26 August 1999) and makes new Prudential Rules No. 47 under s 252(1) of the Life Insurance Act 1995.
Administered by: Treasury
General Comments: This determination revokes Prudential Rules No. 47 (26/8/1999) with effect from 28/2/2005.
Registered 28 Feb 2005
Tabling HistoryDate
Tabled HR07-Mar-2005
Tabled Senate07-Mar-2005
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

Life insurance (prudential rules) determination No. 1 of 2005

Friendly society financial statements

Life Insurance Act 1995

 

I, John Francis Laker, Chair of APRA, under subsection 252(1) of the Life Insurance Act 1995 (the “Act”) and subsection 33(3) of the Acts Interpretation Act 1901:

 

·        REVOKE the Prudential Rules No. 47 (made on 26 August 1999 under subsection 252(1) of the Act for the purposes of paragraphs 82(5)(a) and (b) of the Act); and

 

·        MAKE the Prudential Rules No. 47 set out in the Schedule.

 

This Determination shall take effect upon registration on the Federal Register of Legislative Instruments.

 

 

Dated 22 February 2005

 

 

 

[signed]

John Francis Laker

Chair

 

 

 


Interpretation

In this Notice

 

APRA means the Australian Prudential Regulation Authority.

 

Schedule  

 

Prudential Rules No. 47 comprise the 18 pages commencing on the following page.

 

 

 

 

 

 


Prudential Rules No. 47

Friendly society financial statements

Life Insurance Act 1995 (s 82(5))

These Prudential Rules are made under subsection 252(1) of the Life Insurance Act 1995

(the “Act”) for the purposes of paragraphs 82(5)(a) and (b) of the Act .

 

 

Basic requirements

 

1.       The financial statements mentioned in subsections 82(1) and (2) of the Act, being financial statements of a friendly society, must comply with these Rules.

 

Application

 

2.       These Rules apply in relation to financial statements provided to APRA on or after the date of registration of these Rules on the Federal Register of Legislative Instruments.

 

Interpretation

 

3.      In these Rules:

 

(a)           “AASB”, accompanied by a number, means the accounting standard made by the Australian Accounting Standards Board which is designated by that number, as that standard applied in relation to reporting periods that began immediately before 1 January 2005;

 

(b)          accounting standards” means:

 

(i)      the Accounting Standards made by the Australian Accounting Standards Board that applied in relation to reporting periods that began immediately before 1 January 2005; and

 

(ii)  those Australian Accounting Standards issued by the Australian Accounting Research Foundation, for which there is no corresponding applicable Accounting Standard made by the Australian Accounting Standards Board, being the standards that applied in relation to reporting periods that began immediately before 1 January 2005;

 

(c)           Act” means the Life Insurance Act 1995 as in force from time to time;

 

(d)          actuarial standards” means the actuarial standards made by the Life Insurance Actuarial Standards Board under section 101 of the Act, as in force from time to time;

 

(e)           assets held on behalf of benefit fund members” means the total of the combined assets of all benefit funds of the friendly society net of the combined non-member liabilities of all benefit funds;

 

(f)            Corporations Act” means the Corporations Act 2001 as in force from time to time;

 

(g)            financial statements” has the meaning given in section 9 of the Corporations Act;

 

(h)           net market value” means the amount which could be expected to be received from the disposal of an asset in an orderly market after deducting costs expected to be incurred in realising the proceeds of such a disposal;

 

(i)             notes to the financial statements” has the meaning given by Chapter 2M of the Corporations Act;

 

(j)            surplus” means profit, for the purposes of the Act.

 

4.      Other words and phrases used in these Rules shall have the meaning given to them by the Corporations Act, the accounting standards and the Act. Where there is an inconsistency between the Corporations Act, the accounting standards and the Act, the meaning given by the Corporations Act shall have precedence over the accounting standards and the Act, and the meaning given by the accounting standards shall have precedence over the Act.

 

Application of Corporations Law, accounting standards and actuarial standards

 

5.      For the purposes of section 82 of the Act, friendly societies must comply with:

 

(a)           Chapter 2M of the Corporations Act as in force from time to time, which is incorporated into, and is to be read as a part of, these Rules, with the modifications set out in these Rules; and

 

(b)          except where they are expressed to not apply in these Rules, the accounting standards; and

 

(c)           where applicable, the actuarial standards.

 

General requirement

 

6.      A friendly society must:

 

(a)           prepare separate financial statements and notes to the financial statements for each of its benefit funds and for its management fund (these separate financial statements need not be bound together); and

 

(b)          apply accounting standards to each fund as if each fund was an entity; and

 

(c)           include any interfund transactions between the management fund and any benefit fund in preparing the management fund and benefit fund financial statements.

 

7.      A friendly society must not present financial statements to APRA which aggregate the management fund and benefit funds on a line-by-line basis.

 

8.      Each fund (whether a benefit fund or a management fund) is deemed to be a reporting entity for the purposes of application of accounting standards.

 

9.      These Rules apply to financial statements where information resulting from their application is material in terms of AASB 1031 “Materiality”.

 

10.  Financial statements must be expressed in English with all amounts expressed in Australian currency.

 

11.  Amounts in financial statements of each fund may be rounded in accordance with Australian Securities and Investments Commission class order 98/0100 dated 10 July 1998, as modified by this rule. For the purposes of determining the prescribed amount for each fund under that order, the assets of each fund must be considered separately. However, where the financial statements for different funds are presented together (eg side-by-side), the financial statements of all such funds may only be rounded to the extent permitted for the fund in respect of which the prescribed amount under the class order is the smallest.

 

12.  Financial statements must provide comparative information for corresponding preceding periods for all information required to be disclosed by Schedule 1 and Rules 6, 13 to 19 and 21 to 36, except where the information was not required (by these Rules or any other requirements which applied to the friendly society) to be disclosed in that preceding period. If the financial years are not equal in length, the periods covered must be clearly indicated.

 


Requirements for the management fund

 

13.  In accounting for the management fund, traded securities are to be measured at net market value as at the reporting date.

 

14.  Other assets, including general operating assets, are not required to be measured at net market value.

 

15.  Where an asset has been revalued, any revaluation increment or decrement must be shown as revenue or expense in the Statement of Financial Performance. The requirements of paragraph 5.5, paragraph 5.6, the last sentence of paragraph 6.2, the last sentence of subparagraph 8.5(a), and subparagraph 8.5(b) of AASB 1041 “Revaluation of Non-Current Assets” as issued in July 2001 (“AASB 1041”) do not apply. In addition, the last sentence of subparagraph 8.7(b) of AASB 1041 shall be applied as if it read, “For that class of non-current assets, the resulting increments and decrements to the carrying amounts of assets must be recognised by directly adjusting retained profits or accumulated losses”.

 

16.  Deferred acquisition costs must be valued consistently with the valuation of the liability for member benefits of the benefit funds.

 

17.  The management fund financial statements must not include the assets and liabilities, equity, revenue, expenses and appropriations of the benefit funds in any manner (whether line-by-line or as single aggregated line items in the Statement of Financial Position or Statement of Financial Performance). The management fund must not consolidate the benefit funds.

 

18.  No asset relating to the right to manage the benefit funds may be recognised in the financial statements of the management fund, except to the extent that purchased goodwill has been recognised in accordance with AASB 1013 “Accounting for Goodwill”.

 

19.  The details outlined in Schedule 2 must be provided in the notes to the management fund financial statements in respect of all benefit funds (this includes any health benefit funds, despite paragraph 36 of these Rules).

 

20.  The notes to the management fund financial statements must disclose the assets held on behalf of benefit fund members by the friendly society. This note may appear below the Statement of Financial Position provided that the presentation makes it clear that the assets are not those of the management fund.

 

21.  The notes to the management fund financial statements must separately disclose:

 

(a)           fees transferred from the benefit funds in accordance with the benefit fund rule;

 

(b)          other revenue from the benefit funds;

 

(c)           costs associated with earning the revenue referred to in (a) and (b);

 

(d)          transfers from the surplus of the benefit funds to the management fund;

 

(e)           any transfers from management fund to the benefit funds; and

 

(f)            any indebtedness between the management fund and the benefit funds.

 

22.  Despite the requirements of accounting standards:

 

(a)           any transfers from the surplus of the benefit funds to the management fund must be treated as transfers to retained profits rather than as revenue; and

 

(b)          any transfers from management fund to the benefit funds must be treated as appropriations rather than as expenses.

 

23.  In determining whether the management fund is a “financial institution” for the purposes of AASB 1032 “Specific Disclosures by Financial Institutions”, the activities of the benefit funds must be disregarded.

 

24.  The financial statements and notes of the management fund are not required to comply with AASB 1038 “Life Insurance Business”.

 

Requirements for benefit funds

 

25.  A friendly society must prepare separate financial statements for each of its benefit funds.

 

26.  The financial statements of each approved benefit fund must comply with the requirements of Schedule 1.

 

27.  In accounting for approved benefit funds, a friendly society must adopt the principle of accounting for assets and liabilities at market value with all gains and losses (whether realised or unrealised) taken to the Statement of Financial performance.

 

28.  Approved benefit fund assets must be measured at net market values as at the reporting date.

 

29.  Liabilities to approved benefit fund members (“Value of Policy Liabilities”) must be valued by the appointed actuary in accordance with Actuarial Standard ASFS1.02 “Friendly Society Valuation Standard” issued by the Life Insurance Actuarial Standards Board and shown on the Statement of Financial Position of the relevant benefit fund.

 

30.  Any revaluation increment or decrement that arises as a result of the valuation of assets in accordance with Rule 28 or liabilities in accordance with Rule 29 must be included as revenue or expense in the Statement of Financial Performance.

 

31.  The financial statements and notes of benefit funds are not required to comply with the following accounting standards:

 

(a)           AASB 1041 "Revaluation of Non-Current Assets" as issued in July 2001;

 

(aa)    AASB 1005 "Segment Reporting";

 

(b)          AASB 1011 “Accounting for Research and Development Costs”;

 

(c)           AASB 1019 “Inventories”;

 

(d)          AASB 1021 “Depreciation”;

 

(e)           AASB 1026 “Statement of Cash Flows”;

 

(f)            AASB 1032 “Specific Disclosures by Financial Institutions”; and

 

(g)           AASB 1038 “Life Insurance Business”.

 

32.  Accounting standards are amended in their application to the financial statements and notes of approved benefit funds as follows:

 

(a)          AASB 1008 “Leases”

 

As approved benefit funds are to adopt the market value basis of accounting, investments in leases by approved benefit funds are to be marked to net fair value rather than as required by the AASB 1008. However, the AASB 1008 applies in its unmodified form to all non-investment lease transactions.

 

(b)          AASB 1013 “Accounting for Goodwill”

 

Where an acquisition gives rise to goodwill or a discount on acquisition the accounting treatment is to be in accordance with AASB 1013.

 

Under the market value basis of accounting, movements in the net fair value of assets, including any goodwill component, are to be reflected in the Statement of Financial Performance in the period in which they occur. The requirement of AASB 1013 to disclosure and amortisation of goodwill as a separate asset does not apply to the financial statements of a benefit fund.

 

Internally generated goodwill in respect of an approved benefit fund’s own operations is not to be recognised in the financial statements of the approved benefit fund.

 

In the consolidated financial statements of an approved benefit fund all of the assets and liabilities of a controlled entity, including goodwill, must be valued at net market value.

 

(c)           AASB 1014 “Set-off and Extinguishment of Debt”

 

As approved benefit funds are to adopt the market value basis of accounting, investments in leveraged leases by benefit funds are to be marked to net fair value rather than as required by AASB 1014. As this accounting treatment will result in the investment being recorded net of any associated debt, any potential contingent liability relating to the non-payment of the debt is to be disclosed in the notes to the financial statements.

 

(d)          AASB 1015 “Acquisition of Assets”

 

The commentary of AASB 1015 in relation to dividends paid out of pre-acquisition profits of a controlled entity does not apply, as such dividends are a component of the movement in the fair value of the asset over the financial year. Within the Statement of Financial Performance, any dividend received out of pre-acquisition profits is to be offset by the associated reduction in the fair value of the asset acquired.

 

(e)           AASB 1016 “Equity Accounting”      

 

As approved benefit funds are to adopt the market value basis of accounting, the excess of the net market value of the investment in an associate over the equity accounted value must be shown as a separate item in the Statement of Financial Position or the notes to the financial statements. The movement in that excess must be separately disclosed in the Statement of Financial Performance or the notes to the financial statements.

 

(f)            AASB 1018 “Statement of Financial Performance” as issued in June 2002

 

Surplus allocated to members of an approved benefit fund must be shown as an appropriation rather than as an expense. Similarly, transfers to the management fund are to be treated as appropriations rather than expenses. Transfers from the management fund to an approved benefit fund are to be treated as transfers to unallocated surplus/deficit rather than as revenue.

 

(g)          AASB 1040 “Statement of Financial Position”

 

Only paragraphs 5.3, 6.1, 6.2, 6.3, 8.3(c), 8.3(d) and 8.8(b) of AASB 1040 and the definitions of “revenue”, “expense”, “assets”, “liabilities” and “equity” contained in AASB 1040 apply in relation to the financial statements of approved benefit funds. However, the definitions of “revenue”, “expense”, “assets”, “liabilities” and “equity” do not apply where this would be inconsistent with other specific requirements of these Rules.

 

(h)          AASB 1044 “Provisions, Contingent Liabilities and Contingent Assets”

 

The provisions of AASB 1044 do not apply to the extent that they may require the recognition and measurement of liabilities to approved benefit fund members on a basis that is inconsistent with that specified in paragraph 29 above.

 

33.  Despite the requirements of accounting standards:

 

(a)           Allocations of surplus to members of an approved benefit fund and transfers to the management fund are to be treated as appropriations rather than expenses.

 

(b)          Transfers from the management fund to an approved benefit fund are to be treated as transfers to unallocated surplus/deficiency rather than as revenue.

 

(c)           Value of policy liabilities is shown as equity/members’ funds rather than liabilities.

 

34.  In applying accounting standards to approved benefit funds, any references to “retained profits” and “accumulated losses” should be read as references to “unallocated surplus” or “deficiency”, respectively.

 

35.  For each approved benefit fund with transactions with the management fund, the following information must be disclosed in the notes:

 

(a)           fees transferred to the management fund in accordance with the approved benefit fund rules;

 

(b)          transfers from management fund retained earnings to each benefit fund;

 

(c)           transfers of surplus from each approved benefit fund to the management fund; and

(d)          any indebtedness between the approved benefit fund and the management fund.

 

35A.The notes to the financial statements must also include the summary (prepared by the appointed actuary in accordance with paragraphs 6.1 of Actuarial Standard ASFS 1.02) of the significant elements of the calculation processes relating to the valuation of the policy liabilities and significant assumptions used in deriving the results of the valuation.

 

36.  The financial statements of the health benefit fund of a friendly society which is a registered health benefits organisation under the National Health Act 1953 (Cth) must comply with the requirements of accounting standards as if the fund was an entity. However, rules 26 to 35A and 38 do not apply in relation to such a fund.

 

Directors’ declaration

 

37.  A single directors’ declaration must be prepared covering each and every fund. In addition to the matters required by subsection 295(4) of the Law (which must be applied in relation to the financial statements of each and every fund of the friendly society), the directors’ declaration must include a declaration by the directors stating whether or not, in the opinion of the directors:

 

 

(a)           the financial statements of each fund are properly drawn up in accordance with the requirements of the Act and these Rules;

 

(b)          the allocation and distribution of the surplus of the benefit funds of the friendly society have been made in accordance with Division 5 of Part 4 of the Act and the benefit fund rules of each benefit fund;

 

(c)           any assets of the benefit funds of the friendly society have been applied or invested in contravention of the Act; and

 

(d)          there are reasonable grounds to believe that, as at the time the statement is made, the management fund of the friendly society and each of the benefit funds of the friendly society will be able to pay all debts or claims that are referable to it.

 

Appointed actuary’s statement

 

38.  There must be attached to financial statements of a friendly society a statement by the appointed actuary of the friendly society that complies with the Act, stating whether or not, in his or her opinion:

 

(a)           for each approved benefit fund of the friendly society, the value of the policy liabilities and the solvency of each approved benefit fund have been determined using methods and assumptions consistent with the actuarial standards;

 

(b)          the allocation and distribution of the surplus of the approved benefit funds of the friendly society have been made in accordance with Division 5 of Part 4 of the Act and the approved benefit fund rules of each approved benefit fund; and

 

(c)           proper records have been kept by the friendly society in respect of each approved benefit fund from which its value of policy liabilities and solvency have been able to be properly determined.

 

39.  If, in the appointed actuary’s opinion, the financial statements contain information based on actuarial valuations or calculations which do not comply with the actuarial standards, the statement must:

 

(a)           be appropriately qualified;

 

(b)          state the fund or funds to which the qualification applies;

 

(c)           give particulars of the non-compliance; and

 

 

(d)          to the extent practicable, quantify the financial effects of the non-compliance in relation to each fund.

 

Auditor’s report

 

40.  In addition to the matters required by section 308 of the Corporations Act, the auditor’s report covering all funds must:

 

(a)           comply with the Act, including subsections 80(3) and 83(3); and

 

(b)          state whether, in the opinion of the auditor, any part of the assets of the benefit funds have been applied directly or indirectly in contravention of the provisions of Division 1 of Part 4 and Division 4 of Part 2A of the Act.

 

41.  Rule 40 must be read as requiring the auditor to form a separate opinion in relation to each fund but to provide those opinions in a single document.

 

42.  Any qualification or emphasis of matter must specify the fund or funds to which it relates and, to the extent practicable, quantify the effect of the non-compliance separately for each fund. If it is not practical to quantify the effect on each fund fully, the report must say why.

 

Separate fund financial statements

 

43.  Where the financial statements for all funds are not bound together, the directors’ declaration, appointed actuary’s statement and auditor’s report must still accompany the separate financial statements of each fund.

 

 

 

 

 

 

 

 


 

Schedule 1

 

Additional disclosure requirements for benefit funds

 

1.             GENERAL

 

(1)         If, in the opinion of the directors of a friendly society, any requirement of this Schedule would prevent the financial statements of the benefit fund, or the consolidated financial statements, as the case may be, from giving a true and fair view of the financial position and performance of the benefit fund and of the benefit fund and its controlled entities in any respect, the directors must add such information and explanations as will give a true and fair view.

 

(2)         If a provision of an accounting standard requires any matter relating to an entry in a Statement of Financial Performance or a subheading in a Statement of Financial Position to be provided for in a note, that matter may be incorporated into that entry or subheading.

 

(3)         The information appearing above the line “Operating profit/loss before income tax” in the format for the Statement of Financial Performance may be transferred to the notes to the financial statements.

 

(4)         Where there is nil information to report in the heading or subheading for the current period and comparative period, the heading or subheading can be removed.

 

2.             STATEMENT OF FINANCIAL PERFORMANCE - BASIC FORMAT

 

A Statement of Financial Performance of each benefit fund must have the following

format:

 

INVESTMENT INCOME

Interest

Dividends

Property rentals

Changes in net market values

Direct investment expense

Net investment income

 

REVENUE COMPONENT OF MEMBER CONTRIBUTIONS

 

OTHER INCOME

 

TOTAL INCOME

 

 

OPERATING EXPENSES

Fees to management fund

Claims expense

Member liability revaluation

Other expenses

 

Operating profit/loss before income tax

Income tax expense/benefit attributable to operating profit/loss

Operating profit/loss after income tax

Profit/loss on extraordinary items after income tax

Operating profit/loss and extraordinary items after income tax

Unallocated surplus/deficiency

at the beginning of the financial year

Transfers from management fund

Total available for allocation

Surplus allocated to members

Transfers to management fund

Unallocated surplus/deficiency

at the end of the financial year

 

3.             STATEMENT OF FINANCIAL PERFORMANCE - BASIC NOTES

 

The financial statements must include a note of Changes in Net Market Values

showing totals of:

 

(a)                Changes in net market value of securities

 

Securities held at the reporting date

Government securities

Other public securities

Certificates of deposit

Term loans

Other debt securities

Equity securities

 

Securities realised during the period

Government securities

Other public securities

Certificates of deposit

Term loans

Other debt securities

Equity securities

 

(b)               Changes in net market value of other assets

 

Other assets held at the reporting date

 

 

 

Loans and advances

Other investments

Property, plant and equipment

 

Other assets realised during the period

Loans and advances

Other investments

Property, plant and equipment

 

4.             STATEMENT OF FINANCIAL POSITION - BASIC FORMAT

 

A Statement of Financial Position of a benefit fund must have the following format:

 

ASSETS                                                  Note

Cash and liquid assets                                (1)

Accrued receivables                                  (2)

Securities                                                  (3)

Loans and advances                                  (4)

Other investments                                     (5)

Property, plant and equipment                    (6)

Other assets                                              (7)

TOTAL ASSETS

 

LIABILITIES

 

Borrowings                                               (8)

Creditors and other liabilities                       (9)

TOTAL LIABILITIES

NET ASSETS

 

MEMBERS’ FUNDS

Value of policy liabilities                             (10)

Unallocated surplus/deficiency

TOTAL MEMBERS’ FUNDS

 

5.             STATEMENT OF FINANCIAL POSITION - BASIC NOTES

 

(1)   Cash and liquid assets:

 

(a)          Cash on hand, at banks and societies

(b)  Deposits at call

 

(2)   Accrued receivables:

 

Debtors

 

 

(3)   Securities:

 

 

(a)                    Government securities

(b)          Other public securities

(c)           Certificates of deposit

(d)          Other debt securities

(e)           Equity securities

 

Maturity analysis

 

Not longer than 3 months

Longer than 3 months and not longer than 6 months

Longer than 6 months and not longer than 12 months

Longer than 12 months and not longer than 2 years

Longer than 2 years and not longer than 5 years

Longer than 5 years

 

(4)   Loans and advances:

 

Amount         Provision for

impairment

(a) Term loans

(b) Other

 

Maturity analysis

      

Not longer than 3 months

Longer than 3 months and not longer than 6 months

Longer than 6 months and not longer than 12 months

Longer than 12 months and not longer than 2 years

Longer than 2 years and not longer than 5 years

Longer than 5 years

 

Provisions for impairment

 

Opening balance

Doubtful debts expense

Bad debts written off

Other adjustments

Closing balance

 

Impairment expenses

 

Doubtful debts expense

Bad debts written off directly

Other concessions

 

 

 

 

 

 (5)  Other investments:

 

(a)                    Controlled entities

(b)          Other (detail)

 

(6)   Property, plant and equipment:

 

Land

At net market value

Buildings

At net market value

Leasehold improvements

At net market value

                        Total land and buildings

 

Plant and equipment

At net market value

Leased plant and equipment at net market value

 

Total plant and equipment

 

Total property, plant and equipment

 

(7)   Other Assets:

 

(a) Intangibles

(b) Other assets

(c) Future income tax benefit

 

(8)   Borrowings:

 

(a) Overdrafts

(b) Loans from management fund

(c) Loans from controlled entities

(d) Other

(e) Subordinated debt

 

Maturity analysis

 

Not longer than 3 months

Longer than 3 months and not longer than 6 months

Longer than 6 months and not longer than 12 months

Longer than 12 months and not longer than 2 years

Longer than 2 years and not longer than 5 years

Longer than 5 years

 

 

 

 

(9)   Creditors and other liabilities:

 

(a)                    Sundry creditors

(b)          Provision for income tax

(c)                    Provision for deferred tax liability

(d)          Provision for employee entitlements

 

(10)      Transfers to or from Value of Policy Liabilities (Members’ liabilities):

 

The financial statements must include a note reconciling the movement in

members’ balances/liabilities during the financial year detailing:

 

(a)       balance/liability at the beginning of the financial year (prior to surplus allocation)

(b)       allocation of surplus as at end of the previous financial year

(c)       liability component of contributions

(d)       allocation of surplus during year (eg. interim bonuses)

(e)       withdrawals (including bonuses, excluding claims expense)

(f)        member liability revaluation (ie adjustments from actuarial review)

(g)       balance/liability at the end of the financial year

(h)       proposed allocation of surplus (annual)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule 2

 

Additional disclosures in notes to management fund financial statements

 

Benefit Fund Allocated Surplus

 

 

Benefit Fund 1

Benefit Fund 2

All Benefit Funds

Value of Policy Liabilities (start of

period prior to surplus allocation)

 

 

 

Liability component of contributions

 

 

 

Withdrawals (including bonuses and

exclude claims expense)

 

 

 

Allocation of surplus to members

(final and interim)

 

 

 

Member liability revaluation

 

 

 

Value of Policy Liabilities (end of

period)

 

 

 

 

Abbreviated Benefit Fund Statement of Financial Performance

 

 

Benefit Fund 1

Benefit Fund 2

All Benefit Funds

Net investment income

 

 

 

Revenue component of contributions

 

 

 

Other income

 

 

 

Fees to management fund

Claims expense

 

 

 

Member liability revaluation

 

 

 

Other expenses

 

 

 

Income tax expense

 

 

 

Profit/loss after income tax

 

 

 

Unallocated surplus/deficiency at

beginning of the financial year

 

 

 

Surplus allocated to members

 

 

 

Transfers to/from management fund

 

 

 

Unallocated surplus/deficiency at the

end of the financial year

 

 

 

 

 

Total member funds

(Value of Benefit Entitlements plus Unallocated Surplus)

 

 

 


Benefit Fund Statement of Financial Position Summary

 

Benefit Fund 1

Benefit Fund 2

All Benefit Funds

Net assets (Total member funds)

 

 

 

Other liabilities

 

 

 

Total assets

 

 

 

 

 

 

Solvency Requirement

 

 

 

Benefit Fund 1

Benefit Fund 2

All Benefit Funds

Solvency Requirement (SR)

 

 

 

Ratio of SR to Gross Assets