Coal Industry Superannuation Amendment Regulations 1996 (WA)
| 2024 | GOVERNMENT GAZETTE, WA | [14 May 1996 |
Amendment Regulations 1996. MINERALS AND ENERGY
MN301
COAL INDUSTRY SUPERANNUATION ACT 1989
COAL INDUSTRY SUPERANNUATION AMENDMENT
REGULATIONS 1996
Made by the Lieutenant-Governor and Deputy of the Governor in Executive
Council.
Citation
1. These regulations may be cited as the Coal Industry Superannuation
14 May 19961 GOVERNMENT GAZETTE, WA 2025 Commencement
2. These regulations come into operation on the day on which the Coal
Industry Superannuation Amendment Act 1995 comes into operation.
Principal regulations
3. 1990* are referred to as the principal regulations. In these regulations the Coal Industry Superannuation Regulations 3109-36.
[* Published in Gazette of 28 June 1990 at pp. For amendments to 2 May 1996 see 1994 Index to Legislation of Western Australia, Table 4, pp. 35-36.1 Regulation 3 amended
4. Regulation 3 (1) of the principal regulations is amended -
(a) in the definition of "accrual product" - by deleting "final average salary" and substituting the
(i) following -
" ',. benchmark salary
(ii) by inserting before "membership" the following -
category A "; and
(iii) by inserting after "of that member" the following -
tt
while in Service "
(b)
in the definition of "accrual rate" by deleting "final average salary" in both places where it occurs and substituting the following -
" ',. benchmark salary
(c)
in the definition of "accrued benefit" by deleting "final average salary applicable to that member;" and substituting the
following -
" ',. benchmark salary;
(d) by deleting the definition of "member" and substituting the following definition - " "member" means a person who has become a member under regulation 10, 11 or hA and who has not cease to be a member under regulation 11B;
(e) in the definition of "previous fund" by deleting "Act." and substituting the following - "
Act; "; and
(f) by inserting in the appropriate alphabetical positions the following definitions - " "accumulation account" means the account kept
for a member under regulation 27A;
| 2026 | GOVERNMENT GAZETTE, WA | [14 May 1996 |
"salary day" means -
(a) in relation to an employer, the day on which salary becomes payable by the employer to members who are in service
with the employer; and(b) in relation to a member, the day on which the member's salary becomes payable.
Regulation 4 amended
5. (1) Regulation 4 (1) of the principal regulations is amended by
deleting "has - and substituting the following -
st
has been in service and has -
(2) Regulation 4 (2) of the principal regulations is repealed and the following subregulation is substituted -
"
If a person who has ceased to be in service but who is still a member returns to service, the Board may include any part of the period during which the person was previously in service in the person's membership on such terms and conditions as the Board determines.
(2)
Regulation 4A inserted
6. After regulation 4 of the principal regulations the following regulation is
inserted -
"
Service
4A. In these regulations -
(a) a person is "in service" if the person is a mine worker or an officer of the Board; and
(b) a person is "in service with an employer" if the person is -
(i) in the case of an officer of the Board, in service
while an officer of the Board; and (ii) in the case of a mineworker, in service while
employed by, working on the mine of, or
otherwise associated with, that employer.
Regulation 5 amended
7. Regulation 5 of the principal regulations is amended -
(a) by inserting after "A member" the following - 14
who is 60 years of age or younger ";
(b) by deleting paragraph (c) and substituting the following paragraph -
(c)in an other event if the Board is satisfied, that it considers to be relevant, that the member is, and until attaining 60 years of age will continue to be, physically or mentafly ncapable of engaging in, or working for reward i
after considering onsidering any medical or other evidence
14 May 19961 GOVERNMENT GAZETTE, WA 2027 in, any occupation or work for which, in the opinion of the Board, the member is suited to undertake by education, training or experience or for which the member would be suited as a result of retraining.
Regulations 6, 7 and 8 repealed and regulations 6 and 7 substituted
8. Regulations 6, 7 and 8 of the principal regulations are repealed and the
following regulations are substituted -
"
Partial permanent disablement
6. A member shall be regarded as partially and permanently disabled if the member -
(a) is 60 years of age or younger; (b) is not totally and permanently disabled; and (c) in the opinion of the Board, after consideration of material evidence satisfactory to it, is physically or mentally incapable of engaging in, or working for rewardin, any occupation or work for the employer for which he or she is reasonably qualified by education, training or experience.
Benchmark salary
regulations - 7. (1) Subject to subsections (2) and (3), in these "benchmark salary" means 52 times the weekly rate of wages prescribed in the coal mining industrial award applicable to employees of Western Collieries Ltd in Western Australia for the classification of "Motor Truck Drivers of over 100 tons but not exceeding 110 tons" as at the date on which the Coal Industry Superannuation Amendment Regulations 1996 came into operation, increased on that date and on each subsequent 1 July by -
(a) either -
(i) an amount equal to the increase (if any) in the index of Average Weekly Ordinary Time Earning for full time adults published by the Australian Statistician for the year ending on the previous 31
March; or
(ii) such lesser amount as is determined by the Board on the recommendation of the actuary; and
(b) any additional amount agreed between the Board and all employers.
determine that benchmark salary is to be increased quarterly on (2) The Board may, on the recommendation of the actuary,
1 January, 1 April, 1 July and 1 October each year instead of
annually on 1 July.
(2), the increase to be effected under subregulation (1) (a) (i) is to (3) If the Board makes a determination under subregulation be equal to the increase (if any) in the index of Average Weekly Ordinary Time Earning for full time adults published by the Australian Statistician for the quarter ending on the previous 31
September, 31 December, 31 March or 31 June respectively.
| 2028 | GOVERNMENT GAZETTE, WA | [14 May 1996 |
Regulation 9A inserted
9. The following regulation is inserted in Part 3 of the principal regulations
before regulation 10 -
"
Categories of membership
9A. The members of the Fund are divided into 2 categories as follows -
became members under
(a) category A - people who regulation 10 or 11; and
became members under
(b) category B - people who regulation hA.
Regulation 10 amended
10. Regulation 10 of the principal regulations is amended -
(a) by inserting after "become a" the following - di
category A "; and
(b) Fund so long as he or she continues in employment as a jy deleting "and, subject to the Act, shall remain a member of the
mineworker".
Regulation 11 amended11. (1) Regulation 11 (1) of the principal regulations is amended -
(a) by inserting after "become a" the following - dc
category A "; and
(b) by deleting "and shall remain a member of the Fund so long as he or she continues in employment as a mineworker".
inserting after "continue to be" the following - (2) Regulation 11 (2) of the principal regulations is amended by
in service as ".
Regulations hA and 11B inserted
12. After regulation 11 of the principal regulations the following regulations are inserted -
"
Officers of the Board
category B member at any time by giving written notice to the hA. (1) An officer of the Board may apply to become a Board. If the Board accepts an officer's application, the officer becomes a category B member on the officer's next salary day.
(2)
Cessation of membership
11B. A member ceases to be a member if - (a) both -
(i) the member has ceased to be in service; and (ii) all benefits which are or may be payable to or in respect of the member, have been paid or
transferred from the Fund; or
14 May 19961 GOVERNMENT GAZETTE, WA 2029
(b) the member receives a benefit under regulation 21C (1) or (2).
,,
Regulation 12 amended
13. Regulation 12 of the principal regulations is amended by inserting after
"from the Fund" the following -
is
together with any other information which the SIS Act requires
the Board to give to new members ,, Regulation 13 amended
14. Regulation 13 (1) (a) of the principal regulations is amended by
inserting after "member" the following -
cc
in the category specified by the Board
Regulation 14 amended
15. (1) Regulation 14 (1) of the principal regulations is repealed and the
following subregulations are substituted -
"
Each category A member in service shall contribute to the Fund each year an amount equal to 3% of the benchmark salary.
(1)
subregulation (1) in instalments as at each salary day. (la) A member shall pay the contributions payable under further amount agreed between the member and the Board. (lb) A category A member may contribute to the Fund any (lc) Each category B member may contribute to the Fund any amount agreed between the member and the Board.
,,
(2) Regulation 14 (3), (5) and (6) of the principal regulations is repealed. Regulations 15 and 16 repealed and regulation 15 substituted 16. Regulations 15 and 16 of the principal regulations are repealed and the
following regulation is substituted -
ii
Contributions by employers
15. (1) Subject to subregulation (6), each employer shall contribute to the Fund in respect of each category A member in service with that employer the amount or at the rate other amount or rate as is agreed between the Board, the actuary recommended by the actuary under subregulation (4), or such
and the employers.
subregulation (1) in instalments as at each salary day. (2) An employer shall pay the contributions payable under Each employer shall contribute to the Fund in respect of amount (if any) agreed between the employer and the member.
each category B member in service with that employer the (3)
respect of a member as is agreed between the employer and the (4) An employer may contribute such further amount in member.
| 2030 | GOVERNMENT GAZETTE, WA | [14 May 1996 |
(5) In each report on an actuarial review conducted under
section 23 (1) of the Act, the actuary shall advise the Board of the amounts or rates of contributions required from each employer in
order to ensure the stability of the Fund and secure the rights of
members.
(6) The amount or rate of contributions to be made by an
employer under subregulation (1) shall not be -
(a) less than 7%; nor (b) more than 10%,
of the total benchmark salaries for all category A members in
service with that employer.If the rate of contributions recommended by the actuary
under subregulation (5) is greater than the maximum rate
permitted by subregulation (6), the Board -
(7)
(a) (if any) to which benefits should be reduced having shall obtain from the actuary a report as to the extent regard to the level of employer contributions and the
capacity of the Fund to pay benefits; and(b) accordance with that report. may amend these regulations to reduce benefits in
amendment made under suiregulation (7) (b). (8) Regulation 53 (1) (2) and (3) does not apply to an Regulations 17 to 22 repealed and regulations 17 to 22A substituted
17. Regulations 17 to 22 of the principal regulations are repealed and the
following regulations are substituted -
"
Retirement benefits - category A
17. (1) A category A member who leaves service with an
employer between 55 and 65 years of age (inclusive) is entitled to
a benefit equal to -
(a) the member's accrued benefit; and (b) the balance of the member's accumulation account.
(2) A category A member who leaves service with an years of age is entitled to a benefit equal to the amount that employer for any reason (other than death) after reaching 65
would have been payable to the member if the member had -
(a) left service with that employer on the day the member turned 65;
(b) become entitled to a benefit under subregulation (1) on that day; and
retained that benefit in the Fund under regulation 22
(c) until the day the member actually left service with that employer.
Death benefits category A
18. If a category A member who is under 60 years of age dies in service, the Board shall pay a benefit equal to -
(a) the member's accrued benefit calculated as if -
(i) the member had remained in service until
reaching 60 years of age; and
14 May 1996] GOVERNMENT GAZETTE, WA 2031
(ii) the benchmark salary had remained the same as it was on the date of death; and
(b) the balance of the member's accumulation account.
If a category A member who is over 60 years of age dies in service, the Board shall pay a benefit equal to the benefit that the would have been payable to the member if the member had -
(2)
(a) left service on the day the member turned 60; (b)
become entitled to a benefit under regulation 17 (1) on that day; and (c) until the date of death. retained that benefit in the Fund under regulation 22
Total and permanent disablement benefit - category A
19. (1) A category A member who leaves service with an
employer because of total and permanent disablement is entitled
to a benefit equal to -
(a) the member's accrued benefit calculated as if -
(i) the member had remained in service with that employer until reaching 60 years of age; and (ii) as it was on the date of disablement; and the benchmark salary had remained the same the balance of the member's accumulation account.
(b) (2) In this regulation and regulation 20 - "date of disablement" means the last day in respect of which the member received remuneration from that employer prior to becoming entitled to the benefit.
Partial and permanent disablement benefit - category A
20. A category A member who leaves service with an employer
because of partial and permanent disablement is entitled to a
benefit equal to -
(a) the member's accrued benefit calculated as at the
date of disablement; and
(b) the balance of the member's accumulation account. Resignation benefit - category A
21. (1) Subject to subsection (2), a category A member who leaves service with an employer in circumstance other than those described in regulations 17 to 20 or 21A is entitled to a benefit P? equal to the balance of the member's accumulation account
-
(a) if the member retains the whole of the benefit in the Fund, an amount calculated in accordance with
Part A of Schedule 1; or
(b) otherwise, an amount calculated in accordance with Part B of Schedule 1.
ceasing to be a mineworker but who remains in employment with (2) A category A member who leaves service by reason of the same employer -
(a) is not entitled to a benefit under subregulation (1) at
the time of leaving service; and
| 2032 | GOVERNMENT GAZETTE, WA | [14 May 1996 |
(b)
is entitled to a benefit when the member ceases to be in employment with that employer equal to the amount that would have been payable to the member if the member had -
(i) become entitled to a benefit under subregulation (1) on the day the member ceased to be a mineworker; and (iii)
retained that benefit in the Fund under regulation 22 until the day the member actually left service with that employer.
Retrenchment benefit - category A
21A. employer as a result of being retrenched is entitled to a benefit A category A member who leaves services with an
egual to the balance of the member's accumulation account
plus -
(a) if the member retains the whole of the benefit in the Fund, an amount calculated in accordance with
Part C of Schedule 1; or
(b) otherwise, an amount calculated in accordance with Part D of Schedule 1.
Benefits for category B members
21B. (1) A category B member who leaves service with an employer for any reason (other than death) is entitled to a benefit equal to the balance in the member's accumulation account. If a category B member dies in service the Board is to
pay a benefit equal to the balance in the member's accumulation
account.
(2)
Benefits while in service
21C. (1) If a member—
(a) is in service; and (b) reaches the age at which the SIS Act requires the
Board to pay the member's benefit,
the Board must pay to the member a benefit equal to the benefit that the member would have been entitled to had the member left service on the date the member reached that age.
(2) A member who - (a) is in service, (b) is 65 years of age or older; and (c) requests payment,
is entitled to a benefit equal to the benefit that the member would have been entitled to had the member left service on the date of the request.
(3) A member who - (a) is in service; (b) is under 65 years of age; and (c) requests payment,
14 May 19961 GOVERNMENT GAZETTE, WA 2033 is entitled to a benefit of up to the amount which the Board is
permitted by the SIS Act to pay to the member.
defined benefit component, the benefit payable to or in respect of (4) If a benefit paid under subregulation (3) includes a
accordingly. the member when the member leaves service is to be adjusted Retained benefits
22. (1) A member who becomes entitled to a benefit under paid to the member, request the Board to retain all or part of the regulations 17, 21, 21A or 21B (1) may, prior to the benefit being benefit in the Fund. benefit payable under regulation 21 (b) or 21A (b), the dollar value of any defined benefit component of that part of the benefit (2) If a member requests the Board to retainpart of a
is to be credited to the member's accumulation account and
treated as a retained accumulation component.retained benefit, the Board shall keep a record of the multiple of (3) In relation to the defined benefit component of any the benchmark salary used to calculate that benefit. retained benefit, the Board shall retain that amount in the (4) In relation to the accumulation component of any member's accumulation account. The amount of a retained benefit is the balance in the member's accumulation account and -
(5)
(a) if the retained benefit is paid or transferred under regulation 44 prior to the member reaching 55 years of age, the amount calculated in accordance with Part
E of Schedule 1; or(b) by the benchmark salary at the date of payment. multiplying the multiple kept under subregulation (2) in any other case, an amount calculated by
If a member who has retained a benefit dies before that
benefit is paid, the Board is to pay the retained benefit under
regulation 24.
(6)
Preservation
22A. If required to do so by the SIS Act the Board must preserve all or part of any benefit otherwise payable from the
Fund in a manner consistent with the SIS Act.
Part 5A inserted
18. After regulation 27 of the principal regulations the following Part is inserted -
tc
PART 5A - ACCUMULATION ACCOUNTS
Accumulation accounts
27A. (1) The Board shall keep an accumulation account for each member.
account - (2) The Board shall credit to a member's accumulation
(a) all contributions to the Fund made by under regulations 14 (lb) or (lc);
(b) all employer contributions made for that member under regulation 15 (3) or (4);
| 2034 | GOVERNMENT GAZETTE, WA | [14 May 1996 |
(c) amounts transferred from other funds or converted to accumulation benefits under regulation 43;
(d) the proceeds of any life insurance policy effected for the member the premiums for which were debited to
the account;
(e) any defined benefit component of a retained benefit converted to an accumulation component under
regulation 22 (2); and
(f) earnings distributed to that account under regulation 27B.
(3) The Board shall debit to a member's accumulation account -
premiums for life insurance effected in respect of the
(a) member; (b) tax payable by the Board in respect of employer contributions credited to the account;
losses distributed to that account under
(c) regulation 27B; and (d) the accumulation component of any benefit or amount transferred from the Fund in respect of the member.
Earnings and losses
27B. (1) At the end of each financial year (or at such other
earning rate for the period since the last declaration was made. times as the Board determines) the Board shall declare a Fund 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.
(2)
(3) The Board may, from time to time, declare an interim Fund earning rate.
transferred from an accumulation account, the Board is to (4) When a benefit is to be paid or an amount is to be
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. 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.
(5)
(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 requires the Board to consider or which the Board considers
relevant.
The Fund earning rate or interim Fund earning rate for any period may be positive or negative.
(7)
14 May 19961 GOVERNMENT GAZETTE, WA 2035 Regulation 34 amended
19. (1) Regulation 34 (1) of the principal regulations is amended -
(a) by deleting "employed by" in the first place where it occurs and substituting the following -
cc in service with "; and (b) and substituting the following - paragraph (b) by deleting "the members employed by that body" 99
those members ".
(2) Regulation 34 (2) of the principal regulations is amended -
(a) by deleting "employed by" and substituting the following - cc
in service with "; and
(b) by deleting "but no provision shall be made for the payment of a benefit to any of those members while that member remains in the employment of that body other than for the support and maintenance of that member and the dependants of that member in the case of hardship." and substituting the following paragraph -
"
but no benefit shall be paid to any member who is in service unless that payment is permitted by the SIS Act.
it
Regulation 35 amended
20. (1) Regulation 35 (1) of the principal regulations is amended by
deleting "employed by" and substituting the following -
"
in service with ".
deleting "retired from the employment of' and substituting the following - (2) Regulation 35 (2) (a) of the princjpal regulations is amended by "
left service with ".
(3) Regulation 35 (4) of the principal regulations is amended -
(a) by deleting "employed by an employer enters the employment of" and substituting the following -
" referred to in subregulation (1) enters service with and
(b) by deleting "first-mentioned" and substituting the following - 69
previous
Regulation 36 amended
21. Regulation 36 (2) of the principal regulations is amended by deleting
"rate" and substituting the following -
" salary
| 2036 | GOVERNMENT GAZETTE, WA | [14 May 1996 |
Regulation 41A inserted
22. After regulation 41 of the principal regulations the following regulation
is inserted -
"
Vacancies
41A. A vacancy on the Board must be filled within the time specified in the SIS Act.
,,
Regulation 42 repealed
23. Regulation 42 of the principal regulations is repealed.
Regulation 43 amended
24. (1) Regulation 43 (1) (a) of the principal regulations is amended by
deleting "becomes" and substituting the following -
" • is subregulation is inserted - (2) After regulation 43 (2) of the principal regulations the following "
If a member has been granted additional benefits under subregulation (2) that are calculated on a defined benefit basis, they may be converted to benefits calculated on an accumulation
basis on such terms as the Board and member agree. 17 (3)
Regulation 44 amended
25. (1) Regulation 44 (1) of the principal regulations is amended by
deleting "employment" and substituting the following -
"
service
subregulation is inserted - (2) After regulation 44 (1) of the principal regulations the following " superannuation fund or other person or fund, any benefit which (la) The Board must pay to a member or transfer to another the SIS Act requires to be so paid or transferred.
(3) Regulation 44 (2) of the principal regulations is amended -
(a) in paragraph (b) by deleting "employed by the employer but enters into the employment of" and substituting the following - " in service with that employer but enters into service
with
and
(b) by deleting "employees of' and substituting the following -
" people in service with
14 May 19961 GOVERNMENT GAZETTE, WA 2037 Regulation 45 amended
26. (1) Regulation 45 (1) of theprincipal regulations is repealed and the
following subregulation is substituted -
"
If a member leaves service in circumstances where it is reasonable to expect that the member will return to service within a reasonable time, the Board may treat the member as continuing to be in service on such terms and conditions as are agreed between the Board, the member and the employer. " (1)
(2) Regulation 45 (2) of the principal regulations is amended by deleting "absent from the employment of the employer'.
(3) Regulation 45 (4) and (5) of the principal regulations is repealed and the following subregulations are substituted -
it
(4) Unless otherwise agreed under subregulation (1)
or (2) -
no contributions are payable by or in respect of the
(a) member during the relevant period; (b) the relevant period is not to be counted in determining the member's membership; and
(c) 20 during the relevant period, the member is deemed if a benefit becomes payable under regulation 19 or to have received salary on the employer's last salary
day prior to the benefit becoming payable.(5) In subregulation (4) - "relevant period" means any period during which a
member has -
(a) continued in service under subregulation (1); or (b) been absent on leave without pay.
Regulation 46 amended
27. (1) Regulation 46 (1) the principal regulations is amended -
(a) by inserting after "any time a" the following - 44
category A "; and
(b) by deleting "employed". (2) Regulation 46 (2) of the principal regulations is amended - (a) by deleting "employed"; and (b) by deleting "employment" and substituting the following -
it " service
(3) Regulation 46 (5) of the principal regulations is repealed. Regulation 47 amended
28. (1) Regulation 47 (2) of the principal regulations is amended -
(a) by inserting after "If a" the following - it
category A "; and
| 2038 | GOVERNMENT GAZETTE, WA | [14 May 1996 |
(b) by inserting alter "adjust the" the following - 49
defined benefit component of
(2) Regulation 47 (3) of the principal regulations is amended by deleting "the age of compulsory retirement' and substituting the following -
it
60 years of age ".
Regulation 49 repealed
29. Regulation 49 of the principal regulations is repealed.
Regulation 50 amended
30. Regulation 50 (1) of the principal regulations is amended by deleting
"employment" and substituting the following -
94
work
Regulation 52 repealed and a regulation substituted
31. Regulation 52 of the principal regulations is repealed and the following
regulation is substituted -
it
Information
52. (1) The Board must give to each member each employer and any other person the information which the thS Act requires
the Board to give to that person at the time it is required by that
Act to be given. (2) The annual report must be given to members as soon as practicable after the Board submits the annual report under section 66 of the Financial Administration and Audit Act 1985 and not later than 14 days before the ensuing annual general
meeting of members.
Regulation 53 amended
32. (1) Regulation 53 (3) of the principal regulations is amended by
deleting "subregulations (4) and (5)" and substituting the following -
94
subregulation (4) ".
(2) Regulation 53 (5) of the principal regulations is repealed and the following subregulations are substituted -
"
SIS Act. (5) No amendment may reduce a benefit contrary to the
No amendment may enable an individual to be appointed amendment, the Fund will comply with the SIS Act. It to replace the Board as trustee of the Fund unless, after the (6)
14 May 19961 GOVERNMENT GAZETTE, WA 2039 Schedules 1, 2, 2A, 2B and 2C repealed and Schedule 1 substituted
33. Schedules 1, 2, 2A, 2B and 2C of the principal regulations are repealed and the following Schedule is substituted -
"
SCHEDULE 1 [Regs. 21, 21A and 221
PART A - FULLY RETAINED RESIGNATION BENEFIT (Reg. 21 (a))
The amount referred to in regulation 21 (a) is the amount calculated using this formula -
(BS x APB x f) + (BS x APA)
PART B - CASH/TRANSFER OR PARTIALLY RETAINED
RESIGNATION BENEFIT
(Reg. 21 (b))
The amount referred to in regulation 21 (b) is the lesser of the amounts calculated using these two formulae -
(a) (BS x APB x f) + (BS x APA x DF); and (b) BSxAPxDF.
PART C - FULLY RETAINED RETRENCHMENT BENEFIT
(Reg. 21A (a))
The amount referred to in regulation 21A (a) is the amount calculated using this formula - BS x AP.
PART D - CASH/TRANSFER OR PARTIALLY RETAINED
RETRENCHMENT BENEFIT
[Reg. 21A (B))
The amount referred to in regulation 21A (b) is the amountcalculated using this formula - BS x AP x DF.
PART E - TRANSFER AMOUNT
[Reg. 22 (5) (a))
The amount referred to in regulation 22 (5) (a) is -
(a) if the benefit retained was a benefit payable under this formula - reilation 21A (a), is the amount calculated using
BS x AP x DF; or
(b) if the benefit retained was a benefit retained under calculated using these two formulae - regulation 21 (a), is the lesser of the amounts
(i) (BS x APB x + (BS x APA x DF); and (ii) BSxAPxDF.
| 2040 | GOVERNMENT GAZETTE, WA | [14 May 1996 |
| PART F — DEFINITIONS |
In this Schedule —
BS = benchmark salary; AP = the sum of all accrual products for the member; APA = the sum of all accrual products of the member
for membership after 30 June 1992APB = the sum of all the accrual products of the
member for membership before 1 July 1992;f = if the member has been a member for —
(a) less than 5 years, 0.3;
(b) more than 5 years but less than 15 years —
0.3 + [ (n — 5) x 0.07 ]
where —
n = period of membership; or
(c) 15 years or more, 1.00;
DF = the discount factor determine from time to time
by the Board on the advice of the actuary.
"
Transitional
34. The benefit of a member who became entitled to the benefit from th Fund before these regulations came into operations is to be calculated and paid to the member in accordance with the principal regulations as if these regulations had not come into operation.
By Command of the Lieutenant-Governor and deputy of the Governor,
J. PRITCHARD, Clerk of the Council.
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0
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