Western Australian Consolidated Regulations Western Australian Consolidated Regulations (1) At the end of each
financial year (or at such other times as the Board determines) the Board
shall declare a Fund earning rate for the period since the last declaration
was made.
(2) The Board shall
distribute the earnings or losses of the Fund for the period covered by the
declaration to the accumulation accounts that exist on the last day of that
period.
(3) The Board may,
from time to time, declare an interim Fund earning rate.
(4) When a benefit is
to be paid or an amount is to be transferred from an accumulation account, the
Board is to distribute earnings or losses of the Fund for the period since the
last date as at which a distribution was made to that account at the interim
Fund earning rate.
(5) The Board shall
decide whether Fund earning rates are to be applied to accumulation accounts
on daily balances, on average balance or on some other basis.
(6) In determining a
Fund earning rate the Board shall take into account —
(a) the
earnings or losses of the Fund;
(b) the
costs and expenses of the Fund, including any tax that is or may be incurred
by the Board;
(c) the
level of the Fund’s reserves;
(d) the
appropriateness of averaging earnings, losses and expenses over several years;
and
(e) any
other matters which the SIS Act 2 requires the Board to consider or
which the Board considers relevant.
(7) The Fund earning
rate or interim Fund earning rate for any period may be positive or negative.
[Regulation 27B inserted in Gazette
14 May 1996 p. 2034.]