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Conflicts of interest in superannuation

The Superannuation Practice Committee has released an Exposure Draft of an Information Note on Conflicts of Interest in Superannuation for member comment. Feedback, which should be sent to Andrew Boal, is sought by the close of business on Wednesday, 5 June 2013.

Exposure Draft of Information Note

PS 1 (CPD): Second Exposure Draft released

A Second Exposure Draft of proposed changes to Professional Standard 1 (Continuing Professional Development) has been released for comment. Comments on the proposed changes should be submitted by the close of business on Friday, 24 May 2013.

Second Exposure Draft

Explanatory Memorandum to Second Exposure Draft

Professionalism

CurrentArchive-ConstitutionArchive-CodeArchive-GuidanceArchive-CPD

Constitution - August 2009

Code of Professional Conduct - November 2009

Code of Professional Conduct - November 2009 - Explanatory Memorandum

PS 1 - Continuing Professional Development - August 2009

PS 1 - Continuing Professional Development - August 2009 - Explanatory Memorandum

The following materials are no longer in force and are provided for information/historical purposes only.

Constitution and Disciplinary Scheme - 22 April 2008

Constitution and Disciplinary Scheme - March 2006

Practice Note 1: Professional Conduct Committee - 3 February 2005

Constitution and Disciplinary Scheme - May 2003

Constitution and Disciplinary Scheme - December 2001

Memorandum and Articles of Association - 2000

Memorandum and Articles of Association - April 1998

Memorandum and Articles of Association - 1995

Memorandum and Articles of Association – December 1993

Handbook to Disciplinary Action - April 1993

Memorandum and Articles of Association – 1963?

The following materials are no longer in force and are provided for information/historical purposes only.

Code of Professional Conduct - February 2007

(withdrawn 9 November 2009 by Council Resolution 09/11/2.3.3)

Code of Conduct – December 2001 – Notice to Members

Code of Conduct - December 2001

Code of Conduct - April 1998

Code of Conduct - December 1995

Code of Conduct - approved by Council 1984 (issue released to members May 1985)

Code of Professional Conduct for Australia - October 1976

Code of Professional Conduct - March 2006

(withdrawn 27 February 2007 by Council Resolution 07/02/5.5)

The following materials are no longer in force and are provided for information/historical purposes only.

GN 1 - Code of Conduct Guidance Notes - December 2001

GN 1 - Code of Conduct Guidance Note - April 1998

GN 1 - Code of Conduct Guidance Notes - December 1995

Code of Professional Conduct Guidance Notes - approved by Council 1984 (issue released to members May 1985)

GN 1 – Code of Conduct Guidance Note – November 1976

The following materials are no longer in force and are provided for information/historical purposes only.

PS 1 - Continuing Professional Development - March 2006

(withdrawn 25 August 2009 by Council Resolution 09/08/7A.10)

PS 500 - Continuing Professional Development - March 2001

Multi Practice

StandardsGuidanceArchive-StandardsArchive-Info/Disc Notes

PS 101 - Investment Performance Measurement and Presentation - August 1997

PG 199.01 - Prescribed Actuarial Advice Reporting - December 2009

PG 199.01 - Prescribed Actuarial Advice Reporting - December 2009 - Explanatory Memorandum

PG 199.02 - Relationship with the auditor when actuarial work is used in an audit - April 2010

PG 199.02 - Relationship with the auditor when actuarial work is used in an audit - April 2010 - Explanatory Memorandum

PG 199.03 – Economic Valuations – March 2011

PG 199.03 – Economic Valuations – March 2011 – Explanatory Memorandum

The following materials are no longer in force and are provided for information/historical purposes only.

PS 100 - External Peer Review for General Insurance and Life Insurance - March 2006

(withdrawn 6 December 2011 by Council Resolution 11/12/8.18)
(replaced by Professional Standard 315 - External Peer Review of General Insurance Liability Valuations)

PS 101 - Investment Performance Measurement and Presentation - August 1996

The following materials are no longer in force and are provided for information/historical purposes only.

Notice to Members - Internal & External Peer Review - 22 March 2006

(withdrawn 6 December 2011 by Council Resolution 11/12/8.18)

Life Insurance and Wealth Management

StandardsInfo/Disc NotesArchive-StandardsArchive-Info/Disc NotesArchive-GuidanceArchive-Other

PS 200 – Actuarial Advice to a Life Insurance Company or Friendly Society – December 2010

PS 200 – Actuarial Advice to a Life Insurance Company or Friendly Society – December 2010 – Explanatory Memorandum

IN: Asymmetric Risks - January 2013

IN: Discount Rates for APRA Capital Standards - December 2012

IN: Variable Annuities Taskforce Reading List – October 2012

IN: Product advice regarding policies and reinsurance to a life company or friendly society under LPS 320 – January 2012

IN: Development and use of volatility assumptions - January 2012

IN: Deferred Tax Assets -June 2010

IN: Risk-free Discount Rates under AASB 1038 - March 2010

IN: Target Surplus - September 2009

IN: Application of LPS 1.04, AASB 1038 and AASB 139 to Friendly Societies - August 2009

The following materials are no longer in force and are provided for information/historical purposes only.

PS 200 – Actuarial Advice to a Life Insurance Company or Friendly Society – March 2008

(withdrawn 7 December 2012 by Council Resolution 10/12/5.1)

PS 200 - Actuarial Reports and Advice to a Life Insurance Company – December 1996

(withdrawn 26 February 2008 by Council Resolution 08/02/2.2)

PS 200 – April 1993 version

PS 1 – Actuarial Reports and Advice to a Life Insurance Company – 1 October 1987

PS 1 – Actuarial Reports and Advice to a Life Insurance Company – 5 December 1986

PS 1 - Life Insurance Companies : Financial Condition Investigations - May 1982

The following materials are no longer in force and are provided for information/historical purposes only.

IN: Asymmetric Risks - October 2011

DN: Application of AS1.04, AASB1038 & AASB139: Effect of Margin on Services Valuation on Friendly Societies (June 2006)

(replaced by Information Note: Application of LPS 1.04, AASB 1038 and AASB 139 to Friendly Societies – August 2009)

DN: Risk Free Discount Rates under AASB 1038 - February 2005

DN : Initial and Ongoing Profit Impacts of the Transition to Risk Free Discount Rates under AASB 1038 - February 2005

DN: The Impact of Tax Reform on the Determination of Solvency and Capital Adequacy Requirements

DN: Valuation and Resilience Reserves: Geared or Guaranteed Assets

IN: Variable Annuities Taskforce Reading List - December 2009

IN: Risk-free Discount Rates under AASB 1038 - October 2008

IN: Asymmetric Risks - April 2008

IN: Target Surplus - February 2007

The following materials are no longer in force and are provided for information/historical purposes only.

GN 250 - The Appointed Actuary - April 1993

(withdrawn 26 February 2008 by Council Resolution 08/02/2.2)

GN 251 - Auditor's and Actuary's Duties - Life Insurance - April 1993

GN 252 - Economic Valuations of Life Insurance Business - July 2004

(withdrawn 29 March 2011 by Council Resolution 11/03-2/5.3)

GN 252 - Actuarial Appraisals of Life Insurance Business – November 1993

GN 253 - Determination of Life Insurance Policy Liabilities - September 1993

GN 258 - Volatility of Results under Actuarial Standard 1.01 - September 1999

GN 259 - Investment Earnings and Discount Rates under Actuarial Standard 1.01 - September 1999

GN 260 - Differences between End of Office Year (Accounting Period) Valuations and Intra Office Year Valuations under AS1.01 - September 1999

The following materials are no longer in force and are provided for information/historical purposes only.

Life Insurance Actuarial Standards Board - Actuarial Standard 3.01: Capital Adequacy Standard - November 1996

General Insurance

StandardsInfo/Disc NotesArchive-StandardsArchive-Info/Disc NotesArchive-Guidance

PS 300 – Valuations of General Insurance Claims – March 2013

PS 300 – Valuations of General Insurance Claims – March 2013 – Explanatory Memorandum

PS 305 - Financial Condition Reports and Review of Run-off Plans for General Insurance – March 2013

PS 305 - Financial Condition Reports and Review of Run off Plans for General Insurance – March 2013 – Explanatory Memorandum

PS 310 - Actuarial Certification of Premium Rates Under the NSW Motor Accidents Scheme - June 2010

PS 310 – Actuarial Certification of Premium Rates Under the NSW Motor Accidents Scheme - June 2010 - Explanatory Memorandum

PS 315 – External Peer Review of General Insurance Liability Valuations – Dec 2011

PS 315 – External Peer Review of General Insurance Liability Valuations – Dec 2011 – Explanatory Memorandum

IN: Discount Rates for APRA Capital Standards – December 2012

The following materials are no longer in force and are provided for information/historical purposes only.

PS 300 - Valuations of General Insurance Claims - February 2010

(withdrawn 12 March 2013 by Council Resolution 13/03/8.8)

PS 300 - Valuations of General Insurance Claims - February 2010 - Explanatory Memorandum

PS 300 - Notice to Members re Commencement Date - 1 March 2010

PS 300 - Valuations of General Insurance Claims - Second Exposure Draft - November 2009

PS 300 - Valuations of General Insurance Claims - Second Exposure Draft - November 2009 - Explanatory Memorandum

PS 300 - Valuations of General Insurance Claims - First Exposure Draft - June 2009

PS 300 - Valuations of General Insurance Claims - First Exposure Draft - June 2009 - Explanatory Memorandum

PS 300 - Valuations of General Insurance Claims - Issues Brief - August 2008

PS 300 - Valuations of General Insurance Claims - August 2007

(withdrawn 23 February 2010 by Council Resolution 10/02/5.3)

PS 300 - Valuations of General Insurance Claims - September 2007 - Explanatory Note to Members

PS 300 - Actuarial Reports and Advice on General Insurance Technical Liabilities - April 2002

(withdrawn 28 August 2007 by Council Resolution 07/08/5.4)

PS 300 - Actuarial Reports and Advice on Outstanding Claims in General Insurance - July 1994

PS 300 - Actuarial Reports and Advice on Outstanding Claims in General Insurance - June 1994

PS 305 - Financial Condition Reports for General Insurance - March 2006

(withdrawn 12 March 2013 by Council Resolution 13/03/8.8)

The following materials are no longer in force and are provided for information/historical purposes only.

Notice to members : Review of company run-off plans : May 2009

The following materials are no longer in force and are provided for information/historical purposes only.

GN 351 - Premium Rate Certification for the NSW Motor Accidents Scheme - February 2004

(withdrawn 17 June 2010 by Council Resolution 10/06/5.3.2)
(replaced by Professional Standard 310 - Actuarial Certification of Premium Rates Under the NSW Motor Accidents Scheme)

GN 351 - Premium Rate Certification for the NSW Motor Accidents Scheme – December 1995

GN 353 - Evaluation of General Insurance Technical Liabilities - December 2002

(withdrawn 24 June 2008 by Council Resolution 08/06/2.3c)

Superannuation and Employee Benefits

StandardsGuidanceInfo/Disc NotesArchive-StandardsArchive-GuidanceArchive-Other

PS 400 - Investigations of the Financial Condition of Defined Benefit Superannuation Funds – August 2010

PS 400 - Investigations of the Financial Condition of Defined Benefit Superannuation Funds – August 2010 – Explanatory Memorandum

PS 402 – Determination of Accrued Benefits for Defined Benefit Superannuation Funds – September 2012

PS 402 – Determination of Accrued Benefits for Defined Benefit Superannuation Funds – September 2012 – Explanatory Memorandum

PS 403 - Preparation of Benefit Certificates - October 2010

PS 403 - Preparation of Benefit Certificates - October 2010 – Explanatory Memorandum

PS 404 – Valuation of Superannuation Fund Assets – December 2010

PS 404 – Valuation of Superannuation Fund Assets – December 2010 – Explanatory Memorandum

PS 405 – Cost of Death and Disability Benefits in Superannuation Funds – June 2010

PS 405 – Cost of Death and Disability Benefits in Superannuation Funds – June 2010 – Explanatory Memorandum

ATO advice re IT 2617

PS 407 - Solvency Management of Defined Benefit Superannuation Funds - May 2010

PS 407 - Solvency Management of Defined Benefit Superannuation Funds - May 2010 – Explanatory Memorandum

PS 408 – Payments from Superannuation Funds to Employers – March 2013

PS 408 – Payments from Superannuation Funds to Employers – March 2013 – Explanatory Memorandum

GN 451 - Unsegregated Superannuation Liabilities - Certificates by Actuaries under Sub-sections 283(3) and 283(4) of the Income Tax Assessment Act - November 1994

ATO advice re IT 2617

GN 452 -Segregated Assets Certificates by Actuaries under Section 273A and Section 273B of the Income Tax Assessment Act - November 1994

ATO advice re IT 2617

GN 454 - AAS 25 – “Accrued Benefits” under Defined Benefit Superannuation Funds - November 1994

GN 465 - Statements of Opinion relating to Defined Benefit Pensions - SIS Regulation 9.31 - December 2000

PG 499.01 - Self-insurance for Superannuation Funds - June 2008

PG 499.01 - Self-insurance for Superannuation Funds - June 2008 - Explanatory Memorandum

PG 499.02 - Projected Superannuation Benefit Illustrations - April 2009

PG 499.02 - Projected Superannuation Benefit Illustrations - April 2009 - Explanatory Memorandum

PG 499.03 – Prudential Reporting under the SIS Act – March 2011

PG 499.03 – Prudential Reporting under the SIS Act – March 2011 – Explanatory Memorandum

PG 499.04 - Accounting for Superannuation and Long Service Leave Obligations under AASB 119 - June 2011

PG 499.04 - Accounting for Superannuation and Long Service Leave Obligations under AASB 119 - June 2011 - Explanatory Memorandum

PG 499.05 - Financial Condition Reporting for Superannuation Funds - June 2012

PG 499.05 – Financial Condition Reporting for Superannuation Funds – June 2012 – Explanatory Memorandum

IN: Notional taxed contributions and SG increases – March 2013

Class Order 11/1227 - Relief for providers of Retirement Estimates

DN: An Update on Conflicts of Interest in Superannuation – June 2012

IN: Investment Return Calculation Principles - April 2012

IN: Deferred Tax Assets - June 2010

DN: An Update on Payroll Tax - October 2009

DN: An Update on Anti-detriment Calculations - September 2009

IN: Simpler Super - Notional Taxed Contributions - March 2008

Notice to members re Actuarial Practice in regard to Superannuation Funds falling into an Unsatisfactory Financial Position - 30 June 2003

The following materials are no longer in force and are provided for information/historical purposes only.

PS 2 - Investigation of Defined Benefit Superannuation Funds - November 1984

PS 400 - Investigations of Defined Benefit Superannuation Funds - November 2002

PS 400 - Investigations of Defined Benefit Superannuation Funds - May 1995

PS 401 - Summaries of Actuarial Reports on the Financial Condition of Defined Benefit Superannuation Funds - November 1999

(withdrawn 1 March 2011 by Council Resolution 11/03/8.13)

PS 401 - Summaries of Actuarial Reports on the Financial Condition of Defined Benefit Superannuation Funds - January 1993

PS 402 - Determination of Accrued Benefits for Defined Benefit Superannuation Funds - November 1994

(withdrawn 4 September 2012 by Council Resolution 12/09/8.7)

PS 404 - Valuation of Superannuation Fund Assets - April 2009

(withdrawn 7 December 2010 by Council Resolution 10/12/8.C.4)

PS 404 - Valuation of Superannuation Fund Assets - April 2009 - Explanatory Memorandum

The following materials are no longer in force and are provided for information/historical purposes only.

GN 450 - Cost of Death and Disability Benefits – Certificates by Actuaries under Sub-section 279(3) of the Income Tax Assessment Act - April 1993

(withdrawn 17 June 2010 by Council Resolution 10/06/5.3.1)
(replaced by Professional Standard 405 - Cost of Death and Disability Benefits in Superannuation Funds)

GN 454 - AAS 25 "Accrued Benefits" under Defined Benefit Superannuation Funds - January 1993

GN 455 - Pre 1 July 1988 Funding Credits (PJFC) - November 2003

(withdrawn 6 September 2011 by Council Resolution 11/09/8.14)

GN 455 - Pre 1 July 1988 Funding Credits ( PJFCs) – December 1993

GN 456 – Preparation of Benefit Certificates required under the Superannuation Guarantee (Administration) Act 1992 – March 1995

(withdrawn 19 October 2010 by Council Resolution 10/10/5.2)
(replaced by Professional Standard 403 - Preparation of Benefit Certificates)

GN 457 – Benefit Certificates for “Deemed” Defined Benefit Funds – March 1995

(withdrawn 19 October 2010 by Council Resolution 10/10/5.2)
Replaced by Professional Standard 403 (Preparation of Benefit Certificates)

GN 458 - Level of Employer Support - Guideline 13 of the Guidelines for the Avoidance of Discrimination on the Grounds of Sex, Marital Status or Pregnancy in relation to Superannuation - July 1994

(withdrawn 2 May 2005 by Council Resolution 05/05/5.3)

GN 459 - Payments from Superannuation Funds to Employers - September 1994

(withdrawn 12 March 2013 by Council Resolution 13/03/8.9)
Replaced by Professional Standard 408 (Payments from Superannuation funds to Employers)

GN 461 - Funding and Solvency Certificates - December 1994

(withdrawn 20 April 2010 by Council Resolution 10/04/5.2.1)
(replaced by Professional Standard 407 - Solvency Management of Defined Benefit Superannuation Funds)

GN 462 - Calculations Relating to Transitional Reasonable Benefit Limits - November 1995

(withdrawn 26 August 2008 by Council Resolution 08/08/7.9)

GN 463 - Valuation of Superannuation Fund Assets - November 1999

(withdrawn 17 April 2009 by Council Resolution 09/04/3.1.2)
(replaced by Professional Standard 404 - Valuation of Superannuation in Fund Assets)

GN 464 - Treatment of Allocations from Reserves for the purposes of the Superannuation Contributions Tax (Assessment and Collection) Act - April 2004

(withdrawn 26 August 2008 by Council Resolution 08/08/7.10)

GN 464 - Determination of Allocated Surplus Amounts for the Purposes of the Superannuation Contributions Tax (Assessment and Collection) Act - April 1999

GN 466 - Projected Superannuation Benefit Illustrations - October 2004

(withdrawn 17 April 2009 by Council Resolution 09/04/3.1.3)
(replaced by Practice Guideline 499.02 - Projected Superannuation Benefit Illustrations)

The following materials are no longer in force and are provided for information/historical purposes only.

Superannuation Fund Reporting in Australia - September 1976

SEBPC IN - Superannuation Guarantee Legislation Earnings Base Change from 1 July 2008 - issued Jan 2008

(replaced by Professional Standard 403 - Preparation of Benefit Certificates)

SEBPC Information Note Benefit Certificates ATO extension Nov 2008

Replaced by Professional Standard 403 which commenced on 1 December 2010

SEBPC Discussion Note - Benefit Certificates April 2008

(replaced by Professional Standard 403 - Preparation of Benefit Certificates)

SEBPC Notice To Members Re Benefit Certificates September 2008

(replaced by Professional Standard 403 - Preparation of Benefit Certificates)

Finance and Investment

GuidanceArchive-Guidance

GN 510 - Valuation of Share Based Payments - July 2003

The following materials are no longer in force and are provided for information/historical purposes only.

GN 551 - Actuaries and Auditors “The Auditor’s use of the Work of the Actuary and the Actuary’s Use of the Work of the Auditor in connection with the Preparation and Audit of a Financial Report - April 1996

(withdrawn 7 November 2007 by Council Resolution 07/11/5.8)

GN 552 - Economic Valuations - July 2004

(withdrawn 29 March 2011 by Council Resolution 11/03-2/5.3)
(replaced by Practice Guideline 199.03 - Economic Valuations)

Health Insurance

StandardsGuidanceInfo/Disc NotesArchive-Guidance

PS 600 – Financial Condition Reports for Private Health Insurers – June 2011

PS 600 – Financial Condition Reports for Private Health Insurers – June 2011 – Explanatory Memorandum

PG 699.01 – Pricing and Financial Projections for Private Health Insurers – September 2012

PG 699.01 – Pricing and Financial Projections for Private Health Insurers – September 2012 – Explanatory Memorandum

PG 699.02 - Valuation of Health Insurance Liabilities - December 2012

PG 699.02 - Valuation of Health Insurance Liabilities - December 2012 - Explanatory Memorandum

IN: Private Health Insurance – Rebate Means Testing – August 2011

IN: Private Health Insurance – Medicare levy surcharge - July 2008

The following materials are no longer in force and are provided for information/historical purposes only.

GN 650 - Actuarial Reports and Advice on Outstanding Claims in Health Insurance - June 1999

(withdrawn 4 December 2010 by Council Resolution 12/12/8.9)
(replaced by PG 699.02 - Valuation of Health Insurance Liabilities)

GN 660 - Financial Projections for Health Insurers - December 2002

(withdrawn 4 September 2012 by Council Resolution 12/09/8.6)
(replaced by PG 699.01- Pricing and Financial Projections for Private Health Insurers)

GN 670 - Financial Condition Reports for Health Insurers - July 2004

(withdrawn 17 June 2011 by Council Circular Resolution)
(replaced by PS600 - Financial Condition Reports for Private Health Insurers)

Risk Management

Info/Disc NotesArchive-Info/Disc Notes

IN: Actuarial Advice re Risk Management of a Life Insurer (LPS 220) or General Insurer (GPS 220) – November 2012

The following materials are no longer in force and are provided for information/historical purposes only.

IN: Actuarial Advice regarding Risk Management of a Life Insurer (LPS 220) or General Insurer (GPS 220) – September 2011

Policies

CurrentArchive

Policy for Drafting and Developing Practice Guidelines - August 2008

Policy for Practice Committees and Taskforce Information Notes - July 2006

Policy for Drafting Professional Standards - June 2006

Guide for Interpretation of Professional Standards - June 2006

Due Process for the Development and Amendment of Professional Standards - Dec 2008

The following materials are no longer in force and are provided for information/historical purposes only.

Due Process for the Development and Amendment of Professional Standards - June 2006

(withdrawn 17 December 2008 by Council Resolution 08/12/7.7)

Policy for Drafting and Developing Practice Guidelines - June 2006

Guidance Note or Professional Standard? - December 1995

Due Process for the Development of Standards of Practice

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