Appendix A -- Defined Terms
This appendix is an integral part of AASB 1056.
accrued benefits
A[1]
Benefits the superannuation entity is presently obliged to transfer to members or their beneficiaries in the future as a result of membership up to the end of the reporting period.
approved deposit fund
A[2]
An entity that is an approved deposit fund within the meaning of section 10 of the Superannuation Industry (Supervision) Act 1993.
defined benefit member
A[3]
A member whose benefits are specified, or are determined, at least in part, by reference to a formula based on their years of membership and/or salary level.
Members identified as defined benefit members based on the definition in this Standard are not expected to be different from members identified as defined benefit members under prudential regulation.
defined contribution member
A[4]
A member whose benefits are determined by reference to accumulated contributions made on their behalf and/or by them, together with investment earnings thereon.
If an individual member’s benefit entitlements have characteristics of both defined benefit and defined contribution entitlements, the member is regarded as a defined benefit member for the purpose of this Standard.
superannuation entity
A[5]
An entity that constitutes one or more superannuation plan(s) or an approved deposit fund.
superannuation plan
A[6]
An entity that is:
(a) regulated under the Superannuation Industry (Supervision) Act 1993, or similar legislative requirements in the case of an exempt public sector superannuation plan; and
(b) established and maintained:
(i) in order to receive superannuation contributions; and
(ii) for the primary purpose of providing benefits to members upon their retirement, death, disablement or other event that qualifies as a condition of release for member benefits.
Superannuation plans may be constituted as separate entities or as a number of separate entities established to administer aspects of the plan (such as when one entity administers contributions and another administers benefit payments).
vested benefits
A[7]
The value of benefits to which members or their beneficiaries would be entitled on voluntary withdrawal from the superannuation entity or on becoming entitled to a pension or deferred benefit as at the end of the reporting period.
In the context of a defined benefit member’s vested benefits, withdrawal means withdrawal by a member from either the defined benefit section of their superannuation plan or withdrawal from the plan itself.