State Superannuation Amendment Regulations 2024 (WA)

Western Australia

State Superannuation Act 2000

State Superannuation Amendment Regulations 2024

Western Australia

State Superannuation Amendment Regulations 2024 Contents State Superannuation Act 2000

State Superannuation Act 2000

State Superannuation Amendment Regulations 2024

Made by the Governor in Executive Council.

1.Citation

These regulations are the State Superannuation Amendment Regulations 2024.

2.Commencement

These regulations come into operation as follows —

• (a)

  regulations 1 and 2 — on the day on which these regulations are published on the WA legislation website;

• (b)

  the rest of the regulations — on 25 September 2024.

3.Regulations amended

These regulations amend the State Superannuation Regulations 2001.

4.Regulation 3 amended

In regulation 3(1) insert in alphabetical order:

GESB Super account has the meaning given in regulation 83(1);

inactive GESB Super account has the meaning given in regulation 83(1B);

inactive west state account has the meaning given in regulation 50(1B);

notice of inactivity —

• (a)

  in relation to an inactive west state account, has the meaning given in regulation 50(1B)(b); and

• (b)

  in relation to an inactive GESB Super account, has the meaning given in regulation 83(1B)(b);

relevant contribution —

• (a)

  in relation to a west state account, means an amount credited to the account under regulation 67(1) other than —

• (i)

  earnings credited in accordance with regulation 69; or

• (ii)

  an amount transferred under regulation 67(1)(e); or

• (iii)

  an amount transferred by the Board under regulation 67(1)(f);

and

• (b)

  in relation to a GESB Super account, means an amount credited to the account under regulation 102(1) other than —

• (i)

  earnings credited in accordance with regulation 102(1)(g); or

• (ii)

  an amount transferred under regulation 102(1)(h); or

• (iii)

  an amount transferred by the Board under regulation 102(1)(i);

west state account has the meaning given in regulation 50(1);

5.Regulation 50 amended

• (1)

  In regulation 50(1) insert in alphabetical order:

   

covered risk benefits Member has the meaning given in regulation 69G;

covered risk benefit —

• (a)

  means a benefit provided by the Board to a covered risk benefits Member; and

• (b)

  includes any supplementary risk benefit provided under regulation 70A; but

• (c)

  does not include payment of the balance of the Member’s west state account or the Member’s protected amount;

inactive low‑balance west state account has the meaning given in subregulation (1A);

• (2)

  After regulation 50(1) insert:

   
• (1A)

  A west state account is an inactive low‑balance west state account at any time if during the period of 16 continuous months ending at that time —

  • (a)

    the account has a balance of less than $6 000; and

  • (b)

    no relevant contribution has been credited to the account; and

  • (c)

    the West State Super Member in whose name the account is maintained is not a covered risk benefits Member; and

  • (d)

    the West State Super Member in whose name the account is maintained has not —

    • (i)

      exercised an option or made any choice afforded to the Member under regulation 69D in connection with the selection of an investment plan in relation to the Member’s account; or

    • (ii)

      given a binding death benefit nomination under regulation 80; or

    • (iii)

      accrued an entitlement to the Member’s WSS withdrawal benefit on the basis of a circumstance specified in regulation 76(1)(a), (b), (da), (d) or (e); or

    • (iv)

      reached preservation age.

• (1B)

  A west state account is an inactive west state account at any time if during the period of 16 continuous months ending at that time —

  • (a)

    no relevant contribution has been credited to the account; and

  • (b)

    the Board has issued a notice (a notice of inactivity) in accordance with regulation 224AA to the West State Super Member in whose name the account is maintained —

    • (i)

      within 14 days after the condition in paragraph (a) has been satisfied for a period of 9 continuous months; and

    • (ii)

      within 14 days after the condition in paragraph (a) has been satisfied for a period of 12 continuous months; and

    • (iii)

      within 14 days after the condition in paragraph (a) has been satisfied for a period of 15 continuous months.

       
    6.Regulation 53 amended

In regulation 53(1)(c) delete “69AA or 69AB; or” and insert:

69AA, 69AB or 69AD; or

7.Regulation 68 amended

In regulation 68(1)(f) delete “69AB or 69AC; and” and insert:

69AB, 69AC or 69AD; and

8.Regulation 69AD inserted

At the end of Part 3 Division 4 insert:

69AD. Payments in respect of inactive low‑balance west state accounts in accordance with Commonwealth Unclaimed Money Act Part 3B

• (1)

  If a west state account is an inactive low‑balance west state account, the Board may make a payment (the payment) to the Commonwealth Commissioner of Taxation in accordance with the Commonwealth Unclaimed Money Act Part 3B as if the West State Super Scheme were a regulated superannuation fund and the west state account were an inactive low‑balance account under that Act.

• (2)

  Subregulation (1) does not apply unless —

  • (a)

    the Commonwealth Commissioner of Taxation is permitted under the Commonwealth Unclaimed Money Act to accept the payment; and

  • (b)

    the West State Super Member in whose name the account is maintained has not informed the Board that the Board is to continue to maintain the account.

     
  9.Regulation 75A inserted

At the end of Part 3 Division 5 Subdivision 5 insert:

75A. Cancellation of entitlement to covered risk benefit for Members with inactive west state accounts

If a West State Super Member in whose name an inactive west state account is maintained is entitled to a covered risk benefit and the Member has not informed the Board that they wish to retain the entitlement to the covered risk benefit, the Board may cancel the entitlement to the covered risk benefit.

10.Regulation 83 amended

• (1)

  In regulation 83(1) insert in alphabetical order:

   

inactive low‑balance GESB Super account has the meaning given in subregulation (1A);

insurance cover means a group policy of insurance that provides cover for GESB Super Members;

• (2)

  After regulation 83(1) insert:

   
• (1A)

  A GESB Super account is an inactive low‑balance GESB Super account at any time if during the period of 16 continuous months ending at that time —

  • (a)

    the account has a balance of less than $6 000; and

  • (b)

    no relevant contribution has been credited to the account; and

  • (c)

    the GESB Super Member in whose name the account is maintained is not a covered GESB Super Member as defined in regulation 111A; and

  • (d)

    the GESB Super Member in whose name the account is maintained has not —

    • (i)

      exercised any option or made any choice afforded to the Member under regulation 108 in connection with the selection of an investment plan in relation to the Member’s account; or

    • (ii)

      given a binding death benefit nomination under regulation 121; or

    • (iii)

      accrued an entitlement to the Member’s GESB withdrawal benefit on the basis of a circumstance specified in regulation 118(1); or

    • (iv)

      reached preservation age.

• (1B)

  A GESB Super account is an inactive GESB Super account at any time if during the period of 16 continuous months ending at that time —

  • (a)

    no relevant contribution has been credited to the account; and

  • (b)

    the Board has issued a notice (a notice of inactivity) in accordance with regulation 224AA to the GESB Super Member in whose name the account is maintained —

    • (i)

      within 14 days after the condition in paragraph (a) has been satisfied for a period of 9 continuous months; and

    • (ii)

      within 14 days after the condition in paragraph (a) has been satisfied for a period of 12 continuous months; and

    • (iii)

      within 14 days after the condition in paragraph (a) has been satisfied for a period of 15 continuous months.

       
    11.Regulation 87 amended

In regulation 87(1)(c) delete “105A or 105B; or” and insert:

105A, 105B or 105D; or

12.Regulation 103 amended

In regulation 103(1)(e) delete “105B or 105C; and” and insert:

105B, 105C or 105D; and

13.Regulation 105D inserted

At the end of Part 3A Division 4 insert:

105D. Payments in respect of inactive low‑balance GESB Super accounts in accordance with Commonwealth Unclaimed Money Act Part 3B

• (1)

  If a GESB Super account is an inactive low‑balance GESB Super account, the Board may make a payment (the payment) to the Commonwealth Commissioner of Taxation in accordance with the Commonwealth Unclaimed Money Act Part 3B as if the GESB Super Scheme were a regulated superannuation fund and the account were an inactive low‑balance account under that Act.

• (2)

  Subregulation (1) does not apply unless —

  • (a)

    the Commonwealth Commissioner of Taxation is permitted under the Commonwealth Unclaimed Money Act to accept the payment; and

  • (b)

    the GESB Super Member in whose name the account is maintained has not informed the Board that the Board is to continue to maintain the account.

     
  14.Regulation 116A inserted

At the end of Part 3A Division 6 Subdivision 4 insert:

116A. Cancellation of insurance cover for inactive GESB Super accounts

If a GESB Super Member in whose name an inactive GESB Super account is maintained has insurance cover and the Member has not informed the Board that they wish to retain the insurance cover, the Board may cancel the insurance cover.

15.Regulation 220 amended

In regulation 220 insert in alphabetical order:

covered risk benefit has the meaning given in regulation 50(1);

inactive account means —

• (a)

  an inactive west state account as defined in regulation 50(1B); or

• (b)

  an inactive GESB Super account as defined in regulation 83(1B);

insurance cover has the meaning given in regulation 83(1);

16.Regulations 224AA and 224AB inserted

After regulation 224A insert:

224AA. Notice of inactivity issued for inactive accounts

• (1)

  A notice of inactivity issued in relation to an account that may become an inactive account must inform the Member in whose name the account is maintained of the following —

  • (a)

    the day on which the most recent relevant contribution was credited to the account;

  • (b)

    the amount debited to the Member’s account by the Board in relation to the entitlement to the covered risk benefit or insurance cover for the previous financial year;

  • (c)

    the amount likely to be debited to the Member’s account by the Board in relation to the entitlement to the covered risk benefit or insurance cover for the current financial year;

  • (d)

    the period of time that has lapsed since that relevant contribution was credited to the account;

  • (e)

    the day on which the Board may exercise its discretion under regulation 75A or 116A, as the case requires, in relation to the account, should the account become an inactive account;

  • (f)

    if the Board were to exercise its discretion, the effect that the exercise of discretion would have on the Member’s entitlements;

  • (g)

    that the Member should inform the Board before the account becomes an inactive account if, in the event that the account becomes an inactive account, they wish to retain the entitlement to the covered risk benefit or insurance cover, as the case requires.

• (2)

  A notice of inactivity must be issued to the Member in whose name the account is maintained by sending it to the most recent address provided to the Board by the Member.

224AB. Information for Members who elect to maintain risk benefits or insurance

• (1)

  This regulation applies if a Member has informed the Board that, in the event that the account becomes an inactive account, they wish to retain the entitlement to the covered risk benefit or insurance cover, as the case requires.

• (2)

  The Board must, within 14 days of the Member informing the Board of the matter set out in subregulation (1), issue a notice to the Member that informs the Member of the following —

  • (a)

    the type of covered risk benefit or insurance cover that the Member has elected to retain;

  • (b)

    the day on which the Member elected to retain the entitlement to the covered risk benefit or insurance cover;

  • (c)

    that the Member must inform the Board if they wish to cancel their entitlement to the covered risk benefit or insurance cover.

• (3)

  A notice issued under subregulation (2) must be issued at least once every 15 months unless —

  • (a)

    the account is not an inactive account; or

  • (b)

    the Member informs the Board that they wish to cancel their entitlement to the covered risk benefit or insurance cover, as the case requires.

     
  17.Regulation 224E amended

In regulation 224E:

• (a)

  delete “to the Commonwealth Commissioner of Taxation under regulation 79,” and insert:

   

or makes a payment to the Commonwealth Commissioner of Taxation under regulation 69AD, 79, 105D,

 

• (b)

  in paragraphs (a) and (b) after “benefit” insert:

   

or payment

 

• (c)

  in paragraph (c) delete “benefit,” and insert:

   

benefit or payment,

 

V. MOLAN, Clerk of the Executive Council