Western Australian Consolidated Regulations Western Australian Consolidated Regulations (1) The Board may
agree with a member who —
(a) has
retained a benefit under regulation 22(2) or (4); or
(b)
having retained a benefit under regulation 22(3), has converted it to an
accumulation benefit under regulation 22AA,
to pay all or part of
that benefit to the member as an account based pension on such terms and
conditions as are agreed between the member and the Board.
(2) The terms and
conditions on which it is agreed that an account based pension is to be paid
must be consistent with the SIS Act 2 .
(3) If the Board
agrees to pay all or part of a member’s retained benefit as an account
based pension, the Board is to transfer the amount agreed to be paid as an
account based pension from the member’s accumulation account to an
account kept by the Board for the member from which the pension will be paid.
(4) If a member to
whom an account based pension is being paid dies while there is still an
amount in the account kept for the member under subregulation (3), the
Board is to pay that amount in accordance with regulation 24 or as
otherwise agreed under subregulation (1).
(5) In this
regulation —
account based pension means a benefit that is
taken to be a pension for the purposes of the SIS Act 2 under
regulation 1.06(4) or (8) of the Superannuation Industry (Supervision)
Regulations 1994 of the Commonwealth.
[Regulation 22AC inserted in Gazette
23 May 2003 p. 1826-7; amended in Gazette 21 Jun 2005
p. 2677-8.]