Restrictions on amount of transfer benefit
44D Restrictions on amount of transfer benefit
A person cannot, except in accordance with the Treasurer’s approval under subregulation (2), elect to take a transfer benefit the amount of which would result in the scheme entitlement amount becoming less than the notional unfunded amount.
The Treasurer may approve of a person specified, or of a class specified, in the approval electing to take a transfer benefit other than in accordance with subregulation (1) but in accordance with other limitations, if any, specified in the approval.
A person cannot elect to take a transfer benefit of an amount that is less than the pre‑set minimum (if any).
Subregulation (3) does not apply if the Board is satisfied it is appropriate for the person to take the transfer benefit because of the special circumstances of the person.
In this regulation —
notional funded amount means the amount that is, at the time of the transfer, the specified percentage of the notional unreduced amount;
notional unfunded amount means the amount resulting when the notional funded amount is deducted from the notional unreduced amount;
notional unreduced amount means the amount of the benefit to which the person would have become entitled under regulation 44 if —
at the time of the transfer, the person had, instead of taking the transfer benefit, ceased to be an eligible Gold State worker in circumstances in which that regulation applied; and
the person had not previously taken any transfer benefit;
scheme entitlement amount means the amount of the benefit to which the person would become entitled under regulation 44 if, immediately after taking the transfer benefit, the person ceased to be an eligible Gold State worker in circumstances in which that regulation applied;
specified percentage means the percentage for the time being fixed by the Board, on the advice of an actuary, at a level designed to ensure that the amounts of all transfer benefits can be met from the portion of the Fund attributable to the Gold State Super Scheme;
transfer benefit means a transfer benefit under regulation 44B.
[Regulation 44D inserted: Gazette 6 Jun 2007 p. 2620-1; amended: SL 2023/205 r. 5.]
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