Coal Industry Superannuation Amendment Regulations 1993 (WA)

1 October 1993] GOVERNMENT GAZETTE, WA 5347

COAL INDUSTRY SUPERANNUATION

CE301

COAL INDUSTRY SUPERANNUATION ACT 1989

COAL INDUSTRY SUPERANNUATION AMENDMENT REGULATIONS

1993

Made by His Excellency the Governor in Executive Council.

Citation

1. These regulations may be cited as the Coal Industry Superannuation

Amendment Regulations 1993.

Principal regulations

2. In these regulations the Coal Industry Superannuation Regulations 1990*

are referred to as the principal regulations.

[* Published in the Gazette of 28 June 1990 at pp.3109-36.

For amendments to 25 August 1993 see 1992 index to Legislation of

Western Australia, Table 4, p. 35.]

13270-2

Regulation 21 amended

3. Regulation 21 of the principal regulations is amended by deleting

"shall become entitled to —

(a)	a cash termination benefit calculated in accordance with Schedule 1; or
(b)	a preserved benefit calculated in accordance with Schedule 2,

as elected by the member at the time the member ceases employment with the

employer."

and substituting the following —

shall —

(a)	become entitled to —
(i) a cash termination benefit calculated in accordance with Schedule 1; or

5348 GOVERNMENT GAZETTE, WA [1 October 1993

(ii) a preserved benefit calculated in accordance with Schedule 2,

as elected by the member at the time the member ceases

employment with the employer; and

(b) become entitled to a preserved benefit calculated in

accordance with Schedule 2B.

Regulation 21A amended

4.   Regulation 21A of the principal regulations is amended by deleting

"is entitled at the member's election —

(a) to a preserved benefit in respect of membership calculated in

accordance with Part 1 of Schedule 2A; or

(b) to a cash benefit in respect of membership calculated in accordance

with Part 2 of Schedule 2A."

and substituting the following —

is —

(a)	entitled at the member's election to a full preserved benefit in
respect of membership calculated in accordance with Part 2 of Schedule 2A; or
(b)	entitled at the member's election —
(i) to a cash benefit in respect of membership calculated in

accordance with Part 2 of Schedule 2A; and

(ii) to a post-1992 preserved benefit in respect of

membership calculated in accordance with Part 3 of

Schedule 2A.

Regulation 22 amended

5.   Regulation 22 (5) of the principal regulations is repealed and the following

subregulation is substituted —

tt

(5) The Board shall pay or transfer to any other

superannuation fund, approved deposit fund, deferred annuity fund or other like fund, an amount calculated in accordance with Schedule 2C, if —

(a)	the member requests in writing that the Board do so; or
(b)	the Board is satisfied that the balance paid or

transferred will be subject to the preservation requirements contained in any standards prescribed

from time to time by regulation under the Occupational Superannuation Standards Act 1987 of the Commonwealth.

Regulation 52 amended

6.   Regulation 52 of the principal regulations is amended by deleting "a copy

of the annual report and with" and substituting the following —

a report to members as required under the Occupational Superannuation Standards Act 1987 of the Commonwealth and, upon request, a copy of the annual report and

1 October 1993] GOVERNMENT GAZETTE, WA 5349

Schedule 2 amended

7.   Schedule 2 to the principal regulations is amended —

(a) by deleting "PB = FAS x AP x f' and substituting the following —
"	PB = FAS x APB x f	"; and

(b) by deleting the definition of "AP" and substituting the following definition —

It

APB is the sum of all the accrual products of the member associated with service before 1 July 1992;

Schedule 2A	mended
S.	Schedule 2A to the principal regulations is amended —
(a) in Part 2 —

(i) by deleting "CB = (0.3 x FAS x AP) + [0.7 x FAS x AP x (1+DR)1" and substituting the following —

" CB = (0.3 x FAS x AP) + (0.7 x FAS x APB x
[1+DRr)

and

(ii)by inserting after the definition of "AP" the following

definition —

C'

APB is the sum of all the accrual products of the member associated with service before 1 July 1992;

and

(b) by inserting after Part 2 the following Part —

C'

PART 3

CALCULATION OF POST-1992 PRESERVED

BENEFIT UNDER APPROVED RETRENCHMENT

SCHEME

The formula for calculating a post-1992 preserved benefit in respect of a member under an approved retrenchment scheme is —

PB = 0.7 x FAS x APA

where —

PB is the preserved benefit;

FAS is the final average salary which applies to

the member;

APA is the sum of all accrual products of the member applicable to membership after 30 June 1992 at the time of cessation of employment.

Schedules 24, and 2C insee-Ged

9.   After Schedule 2A to the principal regulations the following Schedules are

inserted —

SCHEDULE 2B

(Reg. 21)

CALCULATION OF PRESERVED BENEFIT ON RESIGNATION

The formula for calculating a preserved benefit for the purposes of regulation 21 (b) is —

PB = 0.7 x FAS x APA

where —

PB is the preserved benefit;

FAS is the final average salary which applies to the member; APA is the sum of all accrual products of the member

applicable to membership after 30 June 1992 at the
time of cessation of employment.

5350 GOVERNMENT GAZETTE, WA [1 October 1993

SCHEDULE 2C

(Reg. 22)

CALCULATION OF CASH TRANSFER VALUE

The formula for calculating a cash transfer value in respect of a member is —

TV = MFE — MFC + ([EFE — UEFII x DF)

where —

TV is the transfer value;

MFE is the member financed entitlement multiple calculated

as 0.3 x AP;

MFC is the member financed cash benefit multiple previously

paid, calculated as the lesser of —

PC ÷ PFAS and 0.3 x AP;

EFE is the employer financed entitlement multiple

calculated as —

(a) if the member had been retrenched —

0.7 x AP;

(b) if the member had resigned and had not been paid a benefit under regulation 21 (a) (i) —

(0.7 x APA) + ([f— 0.31 x APB); or

(c) if the member had resigned and had been paid a benefit under regulation 21 (a) (i) —

0.7 x APA;

UEFP is the undiscounted employer financed multiple

applicable to any payment previously made, calculated
as —

(a) if the member received a payment under regulation 21A (b) —

0.7 x APB; or

(b) in other cases, 0;

DF is the discount factor calculated as —

(1 + DRY;

AP	is the sum of all accrual products of the member at the time of cessation of employment;
PC	is the amount of any cash benefit paid under regulation 21 (a) (i) or 21A (b) (i);

PFAS is the final average salary which applied to the member

at the time of the payment of PC;

APA is the sum of all the accrual products of the member applicable to membership after 30 June 1992 at the time of cessation of employment;

is the vesting factor, calculated in the same manner as

in Schedule 2;

APB is the sum of all the accrual products applicable to

membership at 30 June 1992;

DR is the discount rate determined from time to time by

the Board; and

is the number of years or portions of years, expressed to

2 decimal places, by which the age of the member is

less than 55 years.

By His Excellency's Command,

M. C. WAUCHOPE, Clerk of the Council.