Document ID: chunk:federal_register_of_legislation:C2006C00163:clause:3_6:p2
Version: federal_register_of_legislation:C2006C00163
Segment Type: clause
Provision Reference: sch 3 cl 6 (pt 2/2)
Character Range: 122949–125160

preserved benefit, convert the balance into a pension.

     Benefit options on retrenchment on or after 1 July 2000 and before minimum retiring age

8.4.3 A preserved benefit member who is retrenched on or after 1 July 2000 and before minimum retiring age under the conditions set out in Rule 8.4.1 may choose:

              (a) to retain his/her preserved benefit in the PSS scheme; or

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

              (c) to roll‑over his/her preserved benefit, 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 be paid a lump sum of that part of his/her preserved benefit 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) retain the balance of his/her preserved benefit in the PSS scheme; or

                   (ii) roll‑over the balance of his/her preserved benefit, 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 into a pension.

 Benefit options on retrenchment after minimum retiring age

8.4.4 A preserved benefit member who is retrenched on or after minimum retiring age under the conditions set out in Rule 8.4.1 may choose:

              (a) to be paid a lump sum of that part of his/her preserved benefit that is permitted to be paid in cash under the SIS Act, or a lump sum of less than that amount, and:

                   (i) retain the balance, if any, of his/her preserved benefit in the PSS scheme; or

                   (ii) roll‑over the balance, if any, of his/her preserved benefit; or

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

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

              (c) to retain his/her preserved benefit in the PSS scheme; or

              (d) to roll‑over his/her preserved benefit.