Part payment of benefit etc., effect of on protected amount
80B Part payment of benefit etc., effect of on protected amount
In this regulation —
part payment, in respect of a West State Super Member, means —
the payment of a benefit to or in respect of the Member; or
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
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.
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 —
if the amount of the part payment is less than the Member’s protected amount —
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
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
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.]
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