Western Australian Consolidated Regulations

COAL INDUSTRY SUPERANNUATION REGULATIONS 1990 - REG 22AA

22AA .         Conversion of retained defined benefits to accumulation benefits

        (1)         A member who has retained all of the defined benefit component of a benefit under regulation 22(3) may elect to convert that component to an accumulation benefit.

        (2)         If a member makes an election under subregulation (1) the Board is to credit to the member’s accumulation account an amount equal to the multiple of —

            (a)         the member’s multiple;

            (b)         the benchmark amount as at the date of the conversion; and

            (c)         if the member —

                  (i)         became entitled to the benefit under regulation 21(1)(a); and

                  (ii)         is under 55 years of age on the date of the conversion,

                the discount factor.

        (3)         When an amount has been credited to the member’s accumulation account under subregulation (2), the member’s multiple is reduced to zero.

        [Regulation 22AA inserted in Gazette 30 Apr 2002 p. 2187-8.]