Document ID: chunk:federal_register_of_legislation:F2021C00237:reg:7:p23
Version: federal_register_of_legislation:F2021C00237
Segment Type: reg
Provision Reference: reg 7 (pt 23/46)
Character Range: 98794–101598

3.1.13(b)

    2. Under Division 6.3 of the SIS Regulations, a member of a regulated superannuation fund, upon reaching the preservation age, is allowed to cash their benefits as a non‑commutable income stream, subject to the conditions of release and the relevant restrictions set out in Schedule 1 of the SIS Regulations.

 3.1.14 Subject to the SIS Act, a roll‑over application must be made in a form acceptable to CSC and must include any supporting evidence of entitlement to the benefit required by CSC.

   Preservation or transfer of benefits

 3.1.15 Subject to the SIS Act, if CSC receives a roll‑over application from a PSSAP member under Rule 3.1.13(a), CSC, where required by the SIS Act, must, and, where not so required, may roll‑over or transfer so much of the person's total benefit as is requested in the roll‑over application to a superannuation entity, RSA or life insurance company.
  Notes:

      1. Regulation 6.35 of the SIS Regulations sets out when a trustee may refuse to roll‑over or transfer an amount in response to a request from a scheme member.

      2. Regulations 6.33 and 6.34 of the SIS Regulations set out that a trustee must roll‑over or transfer an amount as soon as possible or within a timeframe allowed under the SIS Regulations, in response to a request from a scheme member.
 3.1.18 If CSC receives a roll‑over application from a transitional member under Rule 3.1.13(b), CSC must, subject to the SIS Act, roll‑over or transfer such part of the person's total benefit as is requested in the roll‑over application to a superannuation entity or life insurance company.
 3.1.19 If no benefit application or roll‑over application is received upon a PSSAP member ceasing to be an ordinary employer‑sponsored member and Rule 3.1.20 does not apply, the total benefit is retained in the personal accumulation account of the PSSAP member.

   Payment of benefits to the Commissioner of Taxation

 3.1.20 CSC may pay benefits to the Commissioner of Taxation in accordance with the Superannuation (Unclaimed Money and Lost Members) Act 1999.

   Payment of contributions‑splitting superannuation benefits

 3.1.21 If CSC receives a benefit application under Rule 3.1.1(j) then, subject to the SIS Act, CSC must pay such part of the person's total benefit as requested in the application as a contributions‑splitting superannuation benefit to a superannuation entity or RSA as nominated by the person.
Division 2  Death benefits

   Who is entitled to be paid death benefits

 3.2.1 If, upon the death of a PSSAP member, CSC is in receipt of a current valid binding member nomination in relation to the deceased PSSAP member, then the member's total benefit will be paid by CSC to the person or persons specified in the binding member nomination.
 3.2.2 Subject