Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:16:p99
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 16 (pt 99/106)
Character Range: 379561–382362

benefit member
8.2.3 When a preserved benefit has become payable under Rule 8.1.1 on the date a preserved benefit member dies, the benefits under Division 4 of Part 7 of these Rules apply.

No benefit option — departed temporary resident
8.2.4 A preserved benefit member whose preserved benefit has become payable under Rule 8.1.1 on the date CSC is satisfied that subregulation 6.20B(1A) of the Superannuation Industry (Supervision) Regulations 1994 has been complied with, is to be paid a lump sum of his/her preserved benefit plus the superannuation guarantee additional amount (if any) that is applicable to the preserved benefit member.

Division 3

Access to accumulated member contributions
8.3.1 A preserved benefit member who changes employers, or ceases employment, on or after the date his/her preserved benefit became applicable may choose, at any time, 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 does not exceed his/her accumulated member contributions, and have the balance of the preserved benefit remain in the scheme (see also Rule 8.1.1, which allows for the full release of preserved benefits in certain circumstances).
8.3.2 A person who became a preserved benefit member as a result of joining  an authorised superannuation scheme of an authority or body is not considered to have changed employers, or ceased employment, for the purposes of Rule 8.3.1 where:
         (a) his/her employment with the authority or body continues; and
         (b) the authority or body:
             (i) becomes a statutory authority or body; or
             (ii) becomes an authority or body in a different form or with a different name; or
             (iii) is incorporated; or
             (iv) is amalgamated with a statutory authority or body or with an incorporated body; or
             (v) is acquired by an incorporated body.

Access to all or part of preserved benefit
8.3.5 A preserved benefit member who applies for the early release of his/her preserved benefit on the grounds of severe financial hardship may, at any time, choose to be paid a lump sum to the value determined in accordance with the SIS Act and have the balance of the preserved benefit (if any) remain in the scheme.
8.3.5A The total amount of any lump sum or lump sums paid under Rule 8.3.5 may not exceed the preserved benefit plus the superannuation guarantee additional amount (if any) that is applicable to the preserved benefit member.
8.3.5B Where the total amount of the lump sum or lump sums paid under Rule 8.3.5 is greater or equal to the preserved benefit but less than the amount of preserved benefit plus the superannuation guarantee additional amount (if any), the balance of the superannuation guarantee additional amount (if any)