Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:16:p97
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 16 (pt 97/106)
Character Range: 374126–376996

under Part 11 is payable to, or in respect of, the preserved benefit member when preserved benefits become payable under this part.

Division 1

When a preserved benefit becomes payable
8.1.1 A preserved benefit applicable to a preserved benefit member becomes payable in full on the earliest of the following dates:
    (a) the date he/she reaches age 65; or
    (b) the date he/she chooses in a written notice to CSC, if the date chosen is:
             (i) on or after the date he/she reaches age 55; and
             (ii) on or after the date he/she has reached the minimum retiring age for the position he/she held immediately before ceasing membership; and
             (iii) on or after the date:

                  (A) he/she retired permanently, or intends to retire permanently, from the workforce; or

                  (B) he/she changes employers or ceases employment on or after he/she reaches age 60; and
             (iv) not earlier than the date of the notice to CSC; and
             (v) not later than 60 days after the date of the notice; or
    (c) the date CSC decides:
             (i) he/she is suffering from a terminal medical condition; or
             (ii) he/she is unlikely, because of a physical or mental incapacity, ever to be able to work again in a job for which he/she is reasonably qualified by education, training or experience or could reasonably be qualified after retraining; or
    (d) the date he/she dies; or
         (e)  the date CSC is satisfied that subregulation 6.20B(1A) of the Superannuation Industry (Supervision) Regulations 1994 has been complied with, provided that the payment is permitted by the SIS Act; or

         (f) the date the administrators of an eligible superannuation scheme agree to accept the amount to be transferred as a result of a choice exercised under Rule 6.8.7.
8.1.2 Rule deleted in 11th Amending Deed

Amount of preserved benefit
8.1.3 The amount of a preserved benefit applicable to a preserved benefit member on a particular day is an amount equal to the sum on that day of:
         (a) the amount (if any) of his/her accumulated member contributions which do not include any lump sum paid under Division 9 of Part 6 (see Rule 6.9.6); and
         (b) the amount (if any) of his/her accumulated productivity contributions; and
         (c) the amount (if any) of his/her unfunded preserved benefit.

            See Division 8 of Part 10 for the process to be followed where a preserved benefits member claims his/her preserved benefit on invalidity grounds

Division 2

Benefit options — on reaching certain ages
8.2.1 A preserved benefit member whose preserved benefit has become payable under Rule 8.1.1(a) is entitled to a lump sum of the preserved benefit plus the superannuation guarantee additional amount (if any) that is applicable to the preserved benefit member unless