Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:16:p82
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 16 (pt 82/106)
Character Range: 334023–336935

maximum benefit (see Rules 5.2.20 and 5.3.20);

unless:

         (A) he/she could have continued to be a member of the scheme after the sale or transfer (see Rule 6.6.2); or
         (B) 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 — Involuntary retirement before 1 July 2000
6.6.4 A member who ceases membership on involuntary retirement before 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, 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; or
             (iii) if the balance is 50% or more of his/her final benefit accrual, convert the balance 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, 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; or
             (iii) if the balance is 50% or more of his/her final benefit accrual, convert the balance into a pension;

         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
         (c) to take his/her final benefit accrual as a pension; or
         (d) to roll‑over his/her final benefit accrual; or
         (e) to combine his/her final benefit accrual with the benefit accruing under another current period of membership, provided the combined benefit does not exceed his/her maximum benefit (see Rules 5.2.20 and 5.3.20);

unless:

    (A) he/she:
             (i) continues in employment with the new owner or transferee; and
             (ii) could have continued to be a member of the scheme after the 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