Western Australian Consolidated Acts

STATE SUPERANNUATION ACT 2000 - SECT 75G

75G .         Governing rules to contain certain provisions when made

        (1)         In this section —

        constitutionally protected fund has the meaning given in the Income Tax Assessment Act 1936 (Commonwealth) section 267;

        compliance change , in relation to a West State member’s benefit entitlements, means an unfavourable change in those entitlements to the extent that it would —

            (a)         be necessary for compliance with, or occur as a consequence of the application of, the SIS Act, the Income Tax Assessment Act 1936 (Commonwealth) or any other law of the Commonwealth; or

            (b)         occur as a result of the member’s benefits ceasing to be benefits payable under a scheme for the purposes of section 31;

        existing means existing under the West State scheme at the time the Treasurer makes the governing rules;

        regulatory provision has the meaning given in the SIS Act section 38A;

        successor fund has the meaning given in the Superannuation Industry (Supervision) Regulations 1994 (Commonwealth) regulation 1.03(1).

        (2)         The Treasurer must not make governing rules under section 75E(1) unless satisfied that compliance with the terms of the governing rules would not cause the responsible entity to contravene a regulatory provision in relation to the West State scheme.

        (3)         The Treasurer must not make governing rules under section 75E(1) unless satisfied that the rules contain provisions to the effect that, if the separation time were the time when the rules are made —

            (a)         the coming into operation of the governing rules would not cause any existing member to cease to be a West State member; and

            (b)         an existing member’s benefit entitlements under the governing rules, considered as a whole and disregarding any compliance changes, would be no less favourable than the member’s existing benefit entitlements; and

            (c)         an existing member’s obligations under the governing rules would be no greater than the member’s existing obligations.

        (4)         The Treasurer must not make governing rules under section 75E(1) unless satisfied that the rules contain provisions to the effect that —

            (a)         a West State member’s benefits under the West State scheme must not be transferred to a successor fund unless —

                  (i)         the member has consented to the transfer; or

                  (ii)         the transfer has been approved by the Treasurer;

                and

            (b)         the responsible entity —

                  (i)         must not, without the Treasurer’s approval, cause, or attempt to cause, the West State scheme to cease to be a constitutionally protected fund; and

                  (ii)         must, unless the Treasurer otherwise approves, make all reasonable efforts to ensure that the West State scheme does not cease be a constitutionally protected fund;

                and

            (c)         the West State scheme cannot be discontinued without the Treasurer’s approval; and

            (d)         if it is necessary to appoint a new responsible entity the appointment is to be made by MutualCo; and

            (e)         after the separation time no person can become a West State member without the Treasurer’s approval; and

            (f)         the provisions of the governing rules that have an effect described in this subsection (including this paragraph) cannot be amended without the Treasurer’s approval.

        [Section 75G inserted by No. 25 of 2007 s. 71.]