Document ID: chunk:federal_register_of_legislation:F2022C00514:reg:52:p1
Version: federal_register_of_legislation:F2022C00514
Segment Type: reg
Provision Reference: reg 52 (pt 1/2)
Character Range: 113302–115738

52  Payment of employer benefit included in preserved benefit to person who has attained 55 years of age
 (1) Subject to subrules (1A), (2), (2A) and (3) and Parts 10 and 10A, if employer benefit is included in a preserved benefit that applies to a person aged 55 years or more, the person may, at any time:
 (a) elect to have that employer benefit paid to him or her as a lump sum in accordance with Part 11 and if the person:
 (i) makes the election; and
 (ii) provides CSC with information that CSC requires in order to pay the benefit;
  the employer benefit is payable to the person from the day CSC receives both the election and the information; or
 (b) instead of the employer benefit being paid to him or her, elect that it be converted into a pension payable to him or her and if he or she so elects the benefit is so converted; or
 (c) in the case of a person to whom subrule 51(1A) does not apply—instead of the employer benefit being paid in full to him or her, elect that a specified part of the employer benefit, being not less than one‑half of the employer benefit, be converted into a pension payable to him or her and if he or she so elects:
 (i) that part of the employer benefit is so converted; and
 (ii) the balance of the employer benefit is payable to him or her as a lump sum in accordance with Part 11; or
 (d) in the case of a person to whom subrule 51(1A) applies—instead of the residual employer benefit being paid in full to him or her, elect that a specified part of the residual employer benefit , being:
 (i) if the residual employer benefit does not exceed the notional employer benefit—not less than one‑half of the notional employer benefit; or
 (ii) if the residual employer benefit exceeds the notional employer benefit—not less than one‑half of an amount calculated to be the sum of the amount of the residual employer benefit and the amount of benefit that was paid to the person under subrule 51(1A);
  be converted into a pension payable to him or her, and if he or she so elects:
 (iii) that part of the residual employer benefit is so converted; and
 (iv) the balance of the residual employer benefit is payable to him or her as a lump sum in accordance with Part 11.
 (1A) Subrule (1) does not apply to a person if he or she is either:
 (a) a member of the Permanent Forces; or
 (b) a member of the Reserves rendering continuous full‑time service.
 (2) Paragraphs (1)(b) and (c) do not apply