Document ID: chunk:federal_register_of_legislation:F2022C00514:reg:54:p2
Version: federal_register_of_legislation:F2022C00514
Segment Type: reg
Provision Reference: reg 54 (pt 2/2)
Character Range: 120922–122318

not less than one‑half of the benefit, be converted into a pension payable to him or her at an annual rate equal to the relevant percentage in Table 1 in Schedule 4 of the deceased member's reduced notional pension and if he or she so elects:
 (i) that part of the employer benefit is so converted; and
 (ii) the balance of the preserved benefit is payable to him or her as a lump sum.
 (5) Subrule (4) does not apply to a spouse whose employer benefit, or part employer benefit that is to be converted, is less than the amount prescribed in rule 65B.
 (6) In this rule:
notional pension, in relation to a deceased former member, means the pension that would have been payable to the deceased former member if, on the date of his or her death, he or she had become entitled, under Division 1 of Part 3, to elect to have his or her employer benefit converted into a pension and had elected to do so.
reduced notional pension, in relation to a deceased former member, means the pension that would have been payable to the deceased former member if, on the date of his or her death, he or she:
 (a) had become entitled, under Division 1 of Part 3, to elect to have part of his or her employer benefit converted into a pension; and
 (b) had elected to convert into a pension the same amount of his or her employer benefit as his or her spouse elected under paragraph (4)(b) to convert into a pension.