New South Wales Repealed Regulations New South Wales Repealed RegulationsThis legislation has been repealed.
(1) This clause applies to the reduction of benefits payable to or in respect of a contributor or former contributor (other than a benefit payable under section 61RF or 61RG of the Act) to whom a benefit has been released under section 61RF (that is, on the grounds of the contributor's or former contributor's severe financial hardship) or under section 61RG (that is, on compassionate grounds).
(2) If a benefit is released to a former contributor who has provided for a benefit under Division 3A or 3B of Part 4 of the Act, or had a benefit preserved under the Act, STC must, on and from the date of release, calculate the amount of any benefit provided for or preserved (in the case of both a pension and lump sum) and reduce that amount by the amount of benefit released. The amount of benefit payable when the benefit provided for or preserved is payable is to be reduced accordingly.
(3) In any other case, STC must create a debt account in the Fund in respect of the contributor and must when a benefit is payable reduce the benefit that is payable by the amount debited to the debt account at the time the benefit is payable.
(4) Despite subclause (3), if a benefit is deferred or preserved under the Act after the release to the contributor concerned of a benefit and before a benefit is otherwise payable, STC must, on and from the date the benefit is deferred or preserved, calculate the amount of benefit deferred or preserved (in the case of both a pension and lump sum) and reduce that amount by the amount debited to the debt account at the time the benefit is deferred or preserved. The amount of benefit payable when the deferred or preserved benefit is payable is to be reduced accordingly.
(5) The amount debited to the debt account is to be the amount of benefit released together with interest on that amount at a rate determined by STC.
(6) STC may obtain actuarial advice for the purpose of determining the amount of a reduced benefit.
(7) For the purposes of subclauses (2) and (4), STC may determine which component or components of a benefit are to be reduced.