SURPLUS APPORTIONMENT SCHEMES
| (1) |
A surplus apportionment scheme submitted in terms of section 15B(1) of the Act, must include the forms and appendices, as appropriate, set out below: |
| • |
Form A covers the scheme; |
| • |
Form A1 is the schedule of votes by the board; |
| • |
Form A2 is the certificate by the valuator; |
| • |
Form A3 is the certificate by the FMR; |
| • |
Appendix I summarises the notification of outstanding objections; and |
| • |
Appendix II is the application for the exclusion of surplus utilised improperly. |
| (2) |
A fee is payable in terms of Schedule L. |
NIL RETURNS
| (3) |
A nil return submitted in terms of section 15B(11) of the Act must include the forms and appendices, as appropriate, as set out below: |
| • |
Form B covers the filing of a nil return. |
| • |
Form B1 is the certificate by the valuator. |
| • |
Form B2 is the schedule of votes of the board. |
| • |
Appendix II is the application for the exclusion of surplus utilised improperly. |
ABBREVIATED NIL RETURNS
| (5) |
An abbreviated process for the valuation, the nil return, and. re-application for valuation exemption may be followed at the effective date where funds satisfy either of the conditions in paras 6 or 7 below. |
| (6) |
Where the fund was registered prior to 7 March 2002 and satisfies all the following conditions:— |
| (6.1) |
operated a mechanism for the automatic distribution of actuarial surplus at the end of each financial or scheme year; |
| (6.2) |
the fund did not operate any form of reserve account; |
| (6.3) |
the actuary is satisfied that the profits that have arisen on the exit of members in the prior year is less than the cost of a surplus apportionment scheme; and |
| (6.4) |
the fund complies with the conditions of Regulation 2, as amended, with effect from 24 January 2003, and would have complied with those conditions prior to the SAD if they had been in effect, |
| (6.5) |
the attached Forms C, C1 & C2 must be completed and submitted to the Registrar. |
(7) Where the fund was registered prior to 7 March 2002 and satisfies all the following conditions:—
| (7.1) |
The fund had a reserve account; |
| (7.2) |
The administrators confirm that such reserve account was not used for the benefit of any individual member or selected group of members or for the reduction of the employer contribution due in respect of any period after 7 December 2001; |
| (7.3) |
The reserve account has been split into an investment reserve and a contingency reserve account to cover the cost of surplus apportionment on a basis that is detailed in Form D1; |
| (7.4) |
The actuary is satisfied that the balance in the contingency reserve account at the SAD is insufficient to meet the costs of a surplus apportionment scheme; and |
| (7.5) |
The fund will comply with the conditions of Regulation 2 as amended with effect from 24 January 2003, and would have complied with those conditions prior to the SAD if they had been in effect, |
the attached Forms D, D1 & D2 must be completed and submitted to the Registrar.
ABBREVIATED RETURNS - BULK APPLICATIONS
| (8) |
Where the funds satisfy either condition A or B below, an abbreviated process for the actuarial valuation, nil return, and re-application for valuation exemption may be followed at the SAD: |
| A |
The funds were registered prior to 7 March 2002 and meets all of the following conditions— |
| (i) |
Operated a mechanism for the automatic distribution of actuarial surplus at the end of each financial or scheme year; |
| (ii) |
The funds did not operate any form of reserve account; |
| (iii) |
The valuator is satisfied that the profits that have arisen on the exit of members in the prior year is less than the cost of a surplus apportionment scheme; and |
| (iv) |
The funds comply with the conditions of Regulation 2 as amended with effect from 24 January 2003 and would have complied with those conditions prior to the SAD if they had been in effect, |
the attached Bulkform A and Bulkform C should be completed and submitted to the Registrar.
| B |
The funds were registered prior to 7 March 2002 and meets all of the following conditions— |
| (i) |
The funds have reserve accounts; |
| (ii) |
The administrators confirm that the reserve accounts were not used for the benefit of any individual member or selected group of members or for the reduction of the employer contribution due in respect of any period after 7 December 2001; |
| (iii) |
The reserve accounts have been split into an investment reserve account and a contingency reserve account, the latter to cover the cost of surplus apportionment; |
| (iv) |
The valuator is satisfied that the balance in the contingency reserve accounts at the SAD is insufficient to meet the costs of a fund's surplus apportionment scheme; and |
| (v) |
The fund will comply with the conditions of Regulation 2 as amended with effect from 24 January 2003, and would have complied with those conditions prior to the SAD if they had been in effect, |
the attached Bulkform Band Bulkform C should be completed and submitted to the Registrar.
Housing Development Agency Act, 2008
