Document ID: chunk:federal_register_of_legislation:C2006C00163:clause:3_3:p1
Version: federal_register_of_legislation:C2006C00163
Segment Type: clause
Provision Reference: sch 3 cl 3 (pt 1/2)
Character Range: 105936–108916

3  Division 3 of Part 6
Repeal the Division, substitute:

Involuntary Retirement Benefit Options

Division 3

 Benefit options — before minimum retiring age

6.3.1 A member who, before 1 July 2000, ceases membership on involuntary retirement before minimum retiring age is entitled to leave his/her final benefit accrual in the scheme as a preserved benefit, or, as an alternative, may choose:

              (a) to be paid a lump sum of that part of his/her final benefit accrual that the SIS Act permits to be paid in cash, or a lump sum of less than that amount, and:

                   (i) leave the balance of his/her final benefit accrual in the scheme as a preserved benefit; or

                   (ii) roll‑over the balance of his/her final benefit accrual; or

                   (iii) if the balance is 50% or more of his/her final benefit accrual, convert the balance into a pension; or

              (b) to take his/her final benefit accrual as a pension; or

              (c) to roll‑over his/her final benefit accrual; or

              (d) to combine his/her final benefit accrual with the benefit accruing under another current period of membership, provided the combined benefit does not exceed his/her maximum benefit (see Rules 5.2.20 and 5.3.20);

unless:

              (A) he/she ceases membership on the sale or transfer of all or part of an organisation, business, service, asset or function (see Division 6 of Part 6); or

              (B) he/she transfers his/her benefits to an eligible superannuation scheme (see Rule 6.8.6), or joins an approved superannuation scheme (see Rule 6.8.10) or an authorised superannuation scheme (see Rule 6.8.11).

6.3.2 A member who, on or after 1 July 2000, ceases membership on involuntary retirement before minimum retiring age is entitled to leave his/her final benefit accrual in the scheme as a preserved benefit, or, as an alternative, may choose:

              (a) to be paid a lump sum of that part of his/her final benefit accrual that the SIS Act permits to be paid in cash and that does not exceed his/her accumulated member contributions, or a lump sum of less than that amount, and:

                   (i) leave the balance of his/her final benefit accrual in the scheme as a preserved benefit; or

                   (ii) roll‑over the balance of his/her final benefit accrual, with any amount that exceeds the member's accumulated member contributions being treated as a preserved benefit for the purposes of the SIS Act; or

                   (iii) convert the balance of his/her final benefit accrual into a pension; or

              (b) to take his/her final benefit accrual as a pension; or

              (c) to roll‑over his/her final benefit accrual, with any amount that exceeds the member's accumulated member contributions being treated as a preserved benefit for the purposes of the SIS Act; or

              (d) to combine his/her final benefit accrual with