Western Australian Consolidated Regulations Western Australian Consolidated Regulations (1) The Board must pay
all or part of a retained benefit to a member, or transfer it under
regulation 44 —
(a)
subject to regulation 22A, when requested to do so by the member; or
(b) when
required under the SIS Act 2 to do so.
(1a) However a member
who has retained a defined benefit component of a benefit under
regulation 22(3) cannot request the payment or transfer of part only of
that component unless the member first converts it to an accumulation benefit
under regulation 22AA.
(2) When the whole of
a retained benefit is to be paid or transferred under subregulation (1)
the amount to be so paid or transferred is —
(a) the
balance in the member’s accumulation account; and
(b) if
the retained benefit includes a defined benefit component, an amount equal to
the multiple of —
(i)
the member’s multiple;
(ii)
the benchmark amount as at the date of payment or
transfer; and
(iii)
if the member —
(A) became entitled to the benefit under
regulation 21(1)(a); and
(B) is under 55 years of age on the
day on which the benefit is paid or transferred,
the discount factor.
(2a) When part only of
a retained benefit is to be paid or transferred under subregulation (1)
the amount to be so paid or transferred is the amount requested by the member.
(3) If a member who
has retained a benefit dies before the benefit is paid or transferred, the
Board is to pay, in accordance with regulation 24 —
(a) the
balance in the member’s accumulation account; and
(b) if
the retained benefit includes a defined benefit component, an amount equal to
the multiple of —
(i)
the member’s multiple; and
(ii)
the benchmark amount as at the date of payment.
[Regulation 22AB inserted in Gazette
30 Apr 2002 p. 2188-9; amended in Gazette 23 May 2003
p. 1825-6.]