Western Australian Consolidated Acts Western Australian Consolidated Acts (1) In this
section —
eligible person means a person —
(a) who
was elected as a member for the first time at the election held on
14 December 1996; or
(b) who
was elected as a member after that date and before closing day;
set period means the period beginning on closing
day and ending on a day determined by the Tribunal and notified to eligible
persons at least one month prior to that day.
(2) An eligible person
may at any time in the set period elect to cease participating in the scheme
by notice in writing served on the Board.
(3) As soon as
practicable after closing day the Tribunal shall inquire into and
determine —
(a) a
formula for calculating the benefits payable to or in respect of a person who
has made an election under subsection (2) ( termination benefits );
(b) when
and in what circumstances termination benefits shall be paid;
(c) to
whom termination benefits may be paid;
(d) the
portability of termination benefits; and
(e) any
other matter relevant to the calculation or payment of termination benefits
that the Tribunal thinks fit.
(4) A person who makes
an election under subsection (2) shall not be entitled to personally
receive the termination benefits while the person is a member.
(5) The Tribunal may
from time to time determine the rate of interest to be paid where termination
benefits are not paid immediately on a person making an election under
subsection (2).
(6) Termination
benefits shall be paid in accordance with the Tribunal’s determination
under subsection (3).
(7) This Act, other
than section 29, and the scheme do not apply to or in relation to a
person who makes an election under subsection (2).
[Section 10 inserted by No. 37 of 2000
s. 7.]
[Heading inserted by No. 37 of 2000
s. 8(1).]