Document ID: chunk:federal_register_of_legislation:F2022C00514:reg:14:p1
Version: federal_register_of_legislation:F2022C00514
Segment Type: reg
Provision Reference: reg 14 (pt 1/2)
Character Range: 61597–63869

14  Benefits on retirement on or after attaining age of 55 years
 (1) If a member:
 (a) retires on or after turning 55; and
 (b) is not entitled to an invalidity pension;
the following benefits are payable to him or her as a lump sum, in accordance with Part 11:
 (c) subject to Part 10, his or her member benefit; and
 (d) subject to Parts 10 and 10A, his or her employer benefit.
 (2) A person who is entitled to be paid a member benefit under subrule (1) may elect that, instead of that benefit being paid to him or her, there be applicable to him or her a preserved benefit of the amount of the member benefit and if he or she so elects:
 (a) the member benefit is not payable to him or her as a lump sum; and
 (b) there is applicable to him or her a preserved benefit of that amount.
 (3) If a person is entitled to be paid an employer benefit under subrule (1):
 (a) the person may elect that, instead of that benefit being paid to him or her, there be applicable to him or her a preserved benefit of the amount of the employer benefit and, if he or she so elects:
 (i) the employer benefit is not payable to him or her as a lump sum; and
 (ii) there is applicable to him or her a preserved benefit of that amount; or
 (b) the person may elect that, instead of his or her employer benefit being paid to him or her, it be converted into a pension payable to him or her and, subject to Parts 10 and 10A, if he or she so elects, that benefit is so converted; or
 (c) the person may elect that, instead of his or her employer benefit being paid in full to him or her, a specified part of that benefit, being not less than one‑half of the benefit, be converted into a pension payable to him or her and, subject to Parts 10 and 10A, 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.
 (4) Paragraphs (3) (b) and (c) do not apply to a person whose employer benefit is less than the amount prescribed in rule 65B.
 (5) If a person who is entitled to be paid a member benefit under subrule (1):
 (a) does not request that the benefit be paid to him or her as a lump sum; and
 (b) does not make an election under subrule (2);
within the period of 3 months after