Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:16:p83
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 16 (pt 83/106)
Character Range: 336688–339586

sale or transfer (see Rule 6.6.2); or
    (B) he/she:
             (i) continues in employment with the new owner or transferee, but does not change employer; and
             (ii) was not allowed to continue to be a member of the scheme after the sale or transfer (see Rule 6.6.3); or
         (C) 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).

Benefit options — Circumstances other than on involuntary retirement, and
   involuntary retirement on or after 1 July 2000
6.6.5 A member who ceases membership:
   in circumstances other than on involuntary retirement; or
   on involuntary retirement on or after 1 July 2000;
on the sale or transfer of all or part of an organisation, business, service, asset or function 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 plus the superannuation guarantee additional amount (if any) that is applicable in respect of the member, 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;

         provided that the member:

              (A) ceases membership before minimum retiring age; or
                  (B) ceases membership on or after minimum retiring age and before age 60, and remains in the workforce; or
         (b) to be paid a lump sum of his/her final benefit accrual plus the superannuation guarantee additional amount (if any) that is applicable in respect of the member provided that the member:

                  (A) ceases membership on or after minimum retiring age and before age 60, and retires permanently from the workforce; or
              (B) ceases membership on or after age 60; or
         (bb) to be paid a lump sum of less than the amount of his/her final benefit accrual, 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 plus the superannuation guarantee additional amount (if any) that is applicable in respect of the member; or
             (iii) if the balance is 50% or more of his/her final benefit accrual, convert the balance into