Transfer benefit, application for and making of
44B Transfer benefit, application for and making of
A Gold State Super Member may apply to the Board for a benefit under this regulation (a transfer benefit) the amount of which is for transfer in accordance with this regulation.
A Member can take a transfer benefit on or after 1 July 2007 only if —
the Member is at least 55 years of age when the transfer benefit is taken; and
the transfer is to provide a phased retirement benefit.
A Member can take a transfer benefit before 1 July 2007 whatever the age of the Member but only if the application is made before 23 June 2007 and if —
the transfer benefit is to be transferred to the GESB Super Scheme; or
in the case of a Member who is at least 55 years of age when the transfer benefit is taken —
the transfer benefit is to be transferred to the GESB Super Scheme; or
the transfer is to provide a phased retirement benefit; or
the transfer benefit is to be dealt with partly under subparagraph (i) and partly under subparagraph (ii).
The transfer of a transfer benefit, or part of it, to provide a phased retirement benefit may be to another scheme or to another superannuation fund.
A transfer to the West State Scheme of an amount that is to be then transferred from that scheme under regulation 79B is to be regarded for the purposes of subregulation (2) as a transfer to provide a phased retirement benefit.
On receiving an application the Board, acting on the advice of an actuary, is to determine and inform the applicant of —
an amount of transfer benefit that the applicant may elect to take for transfer in accordance with this regulation; and
the reduction that would, in consequence of taking the transfer benefit, be made to the amount of any benefit, other than a transfer benefit under this regulation, subsequently arising in respect of the applicant under this Division.
If the applicant, in writing given to the Board, elects to take the transfer benefit in accordance with the information given under subregulation (5) —
the applicant becomes, when the election is made, entitled to the transfer benefit; and
the Board is to arrange the transfer accordingly; and
the amount of any benefit, other than a transfer benefit under this regulation, arising in respect of the applicant under this Division after the election is reduced accordingly.
[Regulation 44B inserted: Gazette 6 Jun 2007 p. 2618-20; amended: Gazette 8 Jul 2011 p. 2899.]
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