Western Australian Consolidated Acts Western Australian Consolidated Acts (1) For the purposes
of this Act, there shall be an Indexation Account which shall form part of the
Fund and to which shall be credited —
(a) the
surplus disclosed by the investigation made under section 30 as to the
state and sufficiency of the Fund as at 30 June 1983;
(b) any
surpluses that may be disclosed by investigations as to the state and
sufficiency of the Fund made under section 30 in respect of annual
periods after 30 June 1983; and
(c)
income in respect of amounts from time to time standing to the credit of the
Indexation Account calculated at the average rate of investment income earned
during the relevant period by the assets of the Fund and, in the case of an
amount that is a surplus credited to the Indexation Account in respect of an
annual period ending on 30 June in a year, the income shall be calculated
on that amount from 1 July in that year.
(2) Subject to
subsection (3), payments in respect of benefits payable under
section 46C or payable under the Sixth Schedule by reason of the
operation of section 46C or item 1A of Part III of that Schedule shall be
made, to the extent that the available funds in the Indexation Account permit,
from the Indexation Account.
(3) The amount
credited to the Indexation Account under subsection (1)(a) shall remain
standing to the credit of that account and is not available to be applied in
the manner provided by subsection (2).
(4) Notwithstanding
subsection (3), when a benefit is increased under the
State Superannuation Regulations 2001 , Schedule 2 Part 1
clause 3 the amount of interest included in that benefit by virtue of
paragraph (b)(ii) of the definition of “transferred
contributions” in clause 1(1) of that Schedule shall be charged
against the amount credited to the Indexation Account under
subsection (1)(a).
[Section 24A inserted by No. 30 of 1984
s.5; amended by No. 78 of 1985 s.3; No. 17 of 1987 s.8; No. 49
of 1996 s.64; amended in Gazette 16 February 2001 p.1019;
18 Jan 2008 p. 155.]
[ 25, 26, 27. Deleted by No. 17 of 1987 s.9.]
[ 28. Deleted by No. 98 of 1985 s.3]
[ 29. Deleted by No. 17 of 1987 s.9.]