Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:55:p52
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 55 (pt 52/83)
Character Range: 533875–536592

for late payment
12.3.1 CSC may add an amount of interest to the benefit payment if:
         (a) payment of a lump sum benefit; and/or
         (b) commencement of pension instalments;

payable under these Rules is, or is expected to be, delayed by circumstances outside the control of the person entitled to the lump sum and/or pension benefit.

CSC to decide interest rates, etc
12.3.2 CSC will determine:
         (a) the rate or rates of interest to apply;
         (b) the method of allocating the rate or rates of interest; and
         (c) the period for which interest is to accrue;
in respect of any interest payable under this Division.

Additional interest to form part of benefit
12.3.3 Interest payable under this Division forms part of the benefit payable to, or in respect of, a former member or an associate for the purposes of the Rules, other than the Rules in:
         (a) this Division; and
         (b) Divisions 6 and 7 of Part 5 relating to maximum benefits.

Division 4

                Note: Early Release of preserved benefits to preserved benefit members is provided for in Division 3 of Part 8 of the Rules

A member may obtain early release of benefits on grounds of severe financial hardship or compassionate grounds
12.4.1 For the purposes of the Superannuation Industry (Supervision) Regulations 1994, a lump sum (the early release lump sum) may be paid to or for the benefit of a member on the grounds of severe financial hardship or on compassionate grounds in accordance with those regulations.

                Note: The components that make up the member's early release amount are not reduced when an early release lump sum is paid.  However, when a benefit to which a person is entitled under the Rules becomes payable to the person, the amount of the benefit is reduced to reflect any previous early release lump sums paid to or for the benefit of the person (see Rule 12.4.5).
12.4.2 To avoid doubt, more than one early release lump sum can be paid to or for the benefit of a member.

Early release lump sum must not exceed available early release amount
12.4.3 In addition to any requirements in the Superannuation Industry (Supervision) Regulations 1994, the amount of an early release lump sum paid to or for the benefit of a member at a particular time must not exceed the person's available early release amount at that time.

Preserved benefits and early release
12.4.4 To avoid doubt, if an early release lump sum is paid to or for the benefit of a member, any preserved benefit that later becomes applicable in respect of that member is taken to include all of his/her accumulated member contributions and accumulated productivity contributions for the purpose of