State Superannuation Regulations 2001

This regulation applies to a Gold State Super Member who is —

an eligible Gold State worker; and

at least 65 years of age.

The Member may apply to the Board for the early release of all or part of a benefit under this Division that the Member is not yet entitled to.

An application cannot be made for an amount that is —

less than the pre‑set minimum (if any); or

more than the amount of the benefit under regulation 38 to which the Member would be entitled if the Member ceased to be a worker on the day on which the Member makes the application.

If the Board receives an application under subregulation (2), the Board must —

determine the consequent reduction that would, if the amount requested is released to the Member, be made to the amount of any benefit subsequently arising in respect of the Member under this Division; and

inform the Member of the reduction.

The consequent reduction under subregulation (4)(a) must be a reduction by a specified amount of the multiple of final remuneration used to calculate the amount of the benefit.

If, after being informed of the consequent reduction under subregulation (4)(b), the Member, in writing given to the Board, elects to receive the amount applied for —

the Board must pay the Member the amount applied for; and

the amount of any benefit arising in respect of the Member under this Division after the election is reduced in accordance with the Board’s determination under subregulation (4)(a).

An amount payable to the Member under this regulation is not a benefit to which a reduction under subregulation (6)(b) or regulation 44A(1) or 44B(6)(c) applies.

However, subregulation (7) does not affect a reduction under subregulation (6)(b) or regulation 44A(1) or 44B(6)(c) reducing the amount, referred to in subregulation (3)(b), of the benefit under regulation 38 to which the Member would be entitled if the Member ceased to be a worker on the day on which the Member makes the application.