Western Australian Consolidated Acts Western Australian Consolidated Acts (1) A person cannot,
except in accordance with the Treasurer’s approval under
subregulation (2), elect to take a transfer benefit the amount of which
would result in the scheme entitlement amount becoming less than the notional
unfunded amount.
(2) The Treasurer may
approve of a person specified, or of a class specified, in the approval
electing to take a transfer benefit other than in accordance with
subregulation (1) but in accordance with other limitations, if any,
specified in the approval.
(3) A person cannot
elect to take a transfer benefit the amount of which would be less than
$10 000.
(4) In this
regulation —
“notional funded amount” means the
amount that is, at the time of the transfer, the specified percentage of the
notional unreduced amount;
“notional unfunded amount” means the
amount resulting when the notional funded amount is deducted from the notional
unreduced amount;
“notional unreduced amount” means the
amount of the benefit to which the person would have become entitled under
regulation 44 if —
(a) at
the time of the transfer, the person had, instead of taking the
transfer benefit, ceased to be an eligible Gold State worker in circumstances
in which that regulation applied; and
(b) the
person had not previously taken any transfer benefit;
“scheme entitlement amount” means the
amount of the benefit to which the person would become entitled under
regulation 44 if, immediately after taking the transfer benefit, the
person ceased to be an eligible Gold State worker in circumstances in which
that regulation applied;
“specified percentage” means the
percentage for the time being fixed by the Board, on the advice of an actuary,
at a level designed to ensure that the amounts of all transfer benefits can be
met from the portion of the Fund attributable to the Gold State Super Scheme;
“transfer benefit” means a
transfer benefit under regulation 44B.
[Regulation 44D inserted in Gazette
6 Jun 2007 p. 2620-1.]