Superannuation And Retirement Applications (SRA) Practice Questions - Superannuation And Retirement Applications (SRA) - Actuaries Institute Fellowship Program Exam

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Under APRA Prudential Standard SPS 160 (Defined Benefit Matters), how is the 'Vested Benefits Index' (VBI) defined for a defined benefit superannuation fund?

The market value of fund assets divided by total vested benefits (the benefits payable if all members voluntarily terminated employment on the valuation date): VBI = Assets / Vested Benefits The total annual investment return divided by total employer contributions The present value of accrued benefits divided by the statutory minimum capital The number of retired members divided by the number of active members

Correct Answer:

The market value of fund assets divided by total vested benefits (the benefits payable if all members voluntarily terminated employment on the valuation date): VBI = Assets / Vested Benefits

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