Western Australian Current Regulations

STATE SUPERANNUATION REGULATIONS 2001 - REG 196S

196S .         Commutation of pension, Member may request etc.

        (1)         A Term Allocated Pension Member may request the Board to commute some or all of his or her term allocated pension if —

            (a)         the request —

                  (i)         is made within 6 months after he or she became a Term Allocated Pension Member; and

                  (ii)         does not relate to any amount transferred to the Term Allocated Pension Scheme under regulation 196D from the commutation of another SIS annuity or pension;

                or

            (b)         the commuted amount is to be used to pay contributions tax; or

            (c)         the commuted amount is to be used to purchase —

                  (i)         another term allocated pension; or

                  (ii)         another SIS annuity or pension.

        (2)         Subject to subregulations (3) and (3a), the Board is to comply with a request under subregulation (1) and pay or transfer the commuted amount, in the case of a request under —

            (a)         subregulation (1)(a) — to, or as requested by, the Member; or

            (b)         subregulation (1)(b) — to the Member for payment to the Commonwealth Commissioner of Taxation; or

            (c)         subregulation (1)(c)(i) — to a new term allocated pension account for the Member; or

            (d)         subregulation (1)(c)(ii) — to the provider of the SIS annuity or pension.

        (3)         The Board must not pay or transfer a term allocated pension unless, or until, any applicable SIS minimum amount has been paid.

        (3a)         If a Member’s benefit in the Term Allocated Pension Scheme is a phased retirement benefit, the Board must not pay or transfer any of that benefit or earnings on it, under subregulation (2)(a) or (d) unless —

            (a)         the Member has satisfied an unrestricted condition of release; or

            (b)         the commuted amount is transferred to another scheme or superannuation fund the rules of which prevent the cashing, commutation or transfer of the amount unless —

                  (i)         the Member has satisfied an unrestricted condition of release; or

                  (ii)         the amount is transferred to another superannuation fund the rules of which include provisions having the same effect as this subregulation.

        (4)         In this regulation —

        SIS annuity or pension means a benefit that is taken to be an annuity or pension for the purposes of the SIS Act;

        SIS minimum amount means the amount prescribed under the SIS Act as the minimum amount that a superannuation fund’s rules must require to have been paid before a market linked pension can be commuted in order for the pension to be taken to be a pension for the purposes of the SIS Act.

        [Regulation 196S inserted: Gazette 10 Dec 2004 p. 5904-5; amended: Gazette 26 May 2006 p. 1923-4 and 1930; 21 Jul 2006 p. 2652.]