Western Australian Current Regulations Western Australian Current Regulations (1) In this
regulation —
Term Allocated Pension (Lump Sum) Member means a
Term Allocated Pension Member who has selected a lump sum death benefit.
(2) If a Term
Allocated Pension (Lump Sum) Member dies while there is still an amount in the
Member’s term allocated pension account, the Board must pay a benefit
(the Member’s death benefit ) of an amount equal to the balance of the
account in accordance with this regulation.
(3) A Term Allocated
Pension (Lump Sum) Member may at any time give the Board a notice (a binding
death benefit nomination ) that —
(a)
directs the Board to pay the whole of any death benefit that may become
payable in respect of the Member to —
(i)
a permitted nominee of the Member specified in the
notice; or
(ii)
2 or more permitted nominees of the Member specified in
the notice, in percentages specified in the notice (the aggregate of which
must equal 100%);
and
(b)
includes a statement that the nomination is to remain in force —
(i)
indefinitely; or
(ii)
for the period approved by the Board under
regulation 246C(2) at the time the nomination is given.
(4) A binding death
benefit nomination given by a Term Allocated Pension (Lump Sum) Member comes
into force when it is received by the Board and remains in force until any of
the following occurs —
(a) the
Board receives a notice given by the Member revoking the binding death benefit
nomination;
(b) the
Board receives a subsequent binding death benefit nomination given by the
Member;
(c) the
Member ceases to be a Term Allocated Pension Member;
(d) for
a nomination that includes a statement referred to in
subregulation (3)(b)(ii) — the period referred to in that
subregulation expires.
(5) If a binding death
benefit nomination is in force in respect of a Term Allocated Pension (Lump
Sum) Member when the Member dies, the Board must pay the Member’s death
benefit in accordance with the nomination unless any person specified in the
nomination as a person to whom all or any percentage of the death benefit is
to be paid —
(a)
cannot be found after the Board has made reasonable enquiries; or
(b) is
not a permitted nominee of the Member at the time of the Member’s death.
(6) If no binding
death benefit nomination is in force in respect of a Term Allocated Pension
(Lump Sum) Member when the Member dies, or subregulation (5)(a) or (b)
applies, the Board must pay the Member’s death benefit to the executor
of the Member’s will or administrator of the Member’s estate.
[Regulation 196U inserted: SL 2021/49
r. 11.]