Document ID: chunk:federal_register_of_legislation:F2008L02863:body:0:p8
Version: federal_register_of_legislation:F2008L02863
Segment Type: other
Provision Reference: 
Character Range: 19005–21851

a lump sum of the former member's preserved benefit plus the superannuation guarantee additional amount (if any) that is applicable in respect of the former member, or may choose to be paid the former member's preserved benefit:

              (a)                wholly as a pension (see Rule 9.3.9); or

              (b)               as part pension, by choosing to convert one-half or more of the preserved benefit to pension, with the balance paid as a lump sum.

    An option of a pension cannot be chosen unless the preserved benefit includes all of the former member's accumulated member contributions (other than any refunded Excess Contribution Multiple, see Rule 6.9.4)."

4.29 Rule 7.4.3 is replaced with the following Rule:
    "7.4.3  A spouse of a deceased preserved benefit member entitled to part of a preserved benefit apportioned by the Board under Rule 7.4.2 may choose to be paid:
              (a)                a lump sum calculated under Rule 7.4.3A; or

              (b)               the part of the preserved benefit apportioned to them wholly as a pension; or

              (c)                the part of the preserved benefit apportioned to them as part pension, by choosing to convert one-half or more of the portion to pension, with the balance paid as a lump sum.

    A pension cannot be chosen unless, before the apportioning by the Board under Rule 7.4.2, the preserved benefit included all of the former member's accumulated member contributions (other than any refunded Excess Contribution Multiple, see Rule 6.9.4)."

4.30 The following Rule is inserted under Rule 7.4.3:

    "7.4.3A For the purposes of Rule 7.4.3 and Rule 7.4.5 where:

              (a) each spouse has chosen under Rule 7.4.3 to be paid a lump sum, the lump sum is an amount equal to the part of the preserved benefit apportioned by the Board under Rule 7.4.2 plus a proportion of the superannuation guarantee additional amount (if any) that is applicable in respect of the deceased preserved benefit member as determined by the Board having regard to its apportioning of the preserved benefit under Rule 7.4.2."; or

              (b) each spouse has not chosen under Rule 7.4.3 to be paid a lump sum, the lump sum is an amount equal to the part of the preserved benefit apportioned by the Board under Rule 7.4.2."

    4.31 Rule 7.4.5 is amended by replacing Rule 7.4.5 with the following Rule:

    "7.4.5  Where any part of a preserved benefit is apportioned by the Board under Rule 7.4.2 to any child, or children, entitled to benefits, there is payable a lump sum calculated under Rule 7.4.3A to, or for the benefit of, that child, or collectively to, or for the benefit of, those children.  There is no option to convert the lump sum to a pension."

    4.32 Rule 7.4.6 is replaced with the following Rule: