Term allocated pension accounts for Members, Board to establish
196E Term allocated pension accounts for Members, Board to establish
The Board is to establish and maintain in the Fund a term allocated pension account for each Term Allocated Pension Member.
The Board may divide a term allocated pension account into 2 or more sub‑accounts.
[Regulation 196E inserted: Gazette 10 Dec 2004 p. 5897-8.]
196F. Sub‑accounts, Member may request etc.
A Term Allocated Pension Member may request the Board to divide the Member’s term allocated pension account into a cash sub‑account and an investment sub‑account.
The Member must set out in a request under subregulation (1) —
the amount that is to be allocated to each sub‑account (the sum of which must be equal to the balance of the Member’s account); or
the proportion of the balance of the account that is to be allocated to each sub‑account,
at the time the sub‑accounts are established.
A Member whose term allocated pension account has been divided into sub‑accounts under this regulation may request the Board to —
transfer a specified amount from one sub‑account to the other; or
change the proportion of the balance of the Member’s account that is held in each sub‑account; or
combine the sub‑accounts into a single account.
The Board is to comply with a request under subregulation (1) or (3) but is not otherwise required to ensure that the balances of the sub‑accounts remain in accordance with the requested amounts or proportions.
[Regulation 196F inserted: Gazette 10 Dec 2004 p. 5898.]
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