Western Australian Consolidated Acts Western Australian Consolidated Acts [(1) deleted]
(2) Without limiting
the generality of section 79 but subject to this section, regulations may
be made under section 79 in relation to —
(a)
establishing schemes; and
(b)
membership and Employer participation in the schemes; and
(c)
contributions and transfers of money to the Fund and other funding of the
Fund; and
(d)
benefits and how they are paid or dealt with; and
(e)
insurance to be provided through the schemes; and
(f)
management of the Fund; and
(g)
administration of the schemes; and
(h)
accounts and records to be kept by the Board; and
(i)
information and documents to be given to and by the
Board; and
(j)
provision by the Board of, or facilitation by the Board of the provision of,
products and services; and
(k)
appointment and election of directors; and
(l)
reviews, other than by the State Administrative Tribunal, of decisions of the
Board.
(3) Regulations cannot
be made if they —
(a)
reduce the amount of a benefit that —
(i)
accrued or became payable before the regulations came
into operation; or
(ii)
is, or may become, payable in relation to a period before
the regulations came into operation;
or
(b)
reduce, or have the same effect as reducing —
(i)
in the case of the West State scheme or the scheme
continued by section 29(1)(b), the multiplying factor for any
relevant benefit; or
(ii)
in the case of the scheme continued by
section 29(1)(c), the pension value factor for any Member of that scheme,
to less than it was
immediately before 17 February 2001.
(4)
Subsection (3) does not apply if —
(a) the
Treasurer has certified that the Treasurer is satisfied that the change to be
made by the regulations is a change that, if each scheme affected by the
regulations were a regulated superannuation fund, would be permitted under the
SIS Act to be made to the governing rules of that fund; or
(b) the
reduction would apply only in respect of Members who agree with the Board that
the reduction is to apply in relation to them; or
(c) the
regulations would reduce or provide for the reduction of a Member’s
benefit only if —
(i)
a superannuation agreement, flag lifting agreement or
splitting order is in force in respect of the Member; and
(ii)
the reduction does not reduce the Member’s benefit
to less than the Member’s entitlement under the agreement or order.
[(4a)-(4b) deleted]
(5) Regulations
that —
(a) will
or may affect the financial rights or obligations of the Crown under this Part
to the extent that the value of that effect will or may exceed the prescribed
amount; or
(b)
relate to a matter referred to in subsection (2)(j),
cannot be made unless
they have been approved by the Treasurer.
(6) Regulations may
permit the Board to pay a pension or other benefit from the scheme continued
by section 29(1)(c) for the purpose of —
(a)
giving effect to a payment split; or
(b)
satisfying the requirements of the Family Law (Superannuation)
Regulations 2001 (Commonwealth) Division 2.2 in relation to an
entitlement in respect of a superannuation interest in the scheme.
[(7) deleted]
(8) Regulations
prescribing an amount for the purposes of section 37 or
subsection (5)(a) may prescribe an amount or a method of determining an
amount.
(9) In
subsection (3) and this subsection —
"multiplying factor", in relation to a relevant
benefit, means the components of the benefit formula by which the
Member’s salary is to be multiplied in order to calculate the benefit;
"pension value factor" means —
(a) the
number of units that a Member may, or may become entitled to, acquire per
dollar of the Member’s salary; or
(b) the
amount of the pension that will or may become payable in respect of each unit
held by a Member;
"relevant benefit" means a benefit, or part of a
benefit, the amount of which was, immediately before
17 February 2001, calculated as a multiple of a Member’s
salary.
(10) In this section
each of the following terms has the meaning given in the
Family Law Act 1975 (Commonwealth) section 90MD —
(a) flag
lifting agreement ;
(b)
payment split ;
(c)
splitting order ;
(d)
superannuation agreement ;
(e)
superannuation interest .
[Section 38 amended by No. 55 of 2004
s. 1105; No. 18 of 2006 s. 14; No. 25 of 2007 s. 14.]