(1) In this
regulation —
part payment , in respect of a West State Super
Member, means —
(a) the
payment of a benefit to or in respect of the Member; or
(b) the
transfer of an amount to another scheme or superannuation fund in partial
satisfaction of the Member’s entitlement to a benefit from the West
State Super Scheme; or
(c) the
reduction of the balance of the Member’s west state account under
regulation 219F,
if the amount of the benefit, transfer or
reduction is less than the whole of the balance of the Member’s west
state account.
(2) If a part payment
is made in respect of a West State Super Member who was a West State Super
Member on 30 June 2001 —
(a) if
the amount of the part payment is less than the Member’s protected
amount —
(i)
on the day on which the part payment is made the
Member’s protected amount is reduced by the amount of the part payment;
and
(ii)
on and after that day, the interest under
paragraph (a)(ii) of the definition of protected amount in
regulation 50(1) is to be calculated on the basis of that reduced amount;
or
(b) if
the amount of the part payment is equal to or greater than the Member’s
protected amount — on the day on which the part payment is made the
Member’s protected amount is reduced to zero.
[Regulation 80B inserted: Gazette
24 Nov 2009 p. 4742‑3.]