Document ID: chunk:federal_register_of_legislation:F2008L02863:body:0:p11
Version: federal_register_of_legislation:F2008L02863
Segment Type: other
Provision Reference: 
Character Range: 26890–29987

benefit plus the superannuation guarantee additional amount (if any) that is applicable in respect of the preserved benefit member, with any amount that exceeds the member's accumulated member contributions being treated as a preserved benefit for the purposes of the SIS Act; or"

4.42 Rule 8.4.4 is amended by deleting the existing paragraph (a) and substituting it with the following new paragraphs:

"(a) to be paid a lump sum calculated under Rule 8.4.4A and:

              (i)                 retain the balance, if any, of his/her preserved benefit in the PSS scheme; or

              (ii)               roll-over the balance, if any, of his/her preserved benefit plus the superannuation guarantee additional amount (if any) that is applicable in respect of the preserved benefit member; or

              (iii)            if the balance is 50% or more of his/her preserved benefit, convert the balance into a pension; or"

         (aa) to be paid a lump sum of less than the part of his/her preserved benefit that is permitted to be paid in cash under the SIS Act and

              (i)                 retain the balance of his/her preserved benefit in the PSS scheme; or

              (ii)               roll-over the balance of his/her preserved benefit plus the superannuation guarantee additional amount (if any) that is applicable in respect of preserved benefit member; or

              (iii)            if the balance is 50% or more of his/her preserved benefit, convert the balance into a pension; or"

4.43 Rule 8.4.4 is further amended by deleting the existing paragraph (d) and substituting the following new paragraph (d):

         "(d) to roll-over his/her preserved benefit plus the superannuation guarantee additional amount (if any) that is applicable to the preserved benefit member; or"

4.44 The following Rule is to be inserted immediately following Rule 8.4.4:
    "8.4.4A For the purposes of Rule 8.4.4(a) where:

              (a)                the SIS Act permits the total of the preserved benefit to be paid in cash, the lump sum is the preserved benefit in respect of the preserved benefit member plus the superannuation guarantee additional amount (if any) that is applicable in respect of the preserved benefit member; or

              (b)               the SIS Act does not permit the total of the preserved benefit to be paid in cash, the lump sum is the amount of the preserved benefit in respect of the preserved benefit member permitted to be paid in cash under the SIS Act."
4.45 Rule 9.5.5 is replaced with the following new Rule:

    "9.5.5 When no further benefits are payable in respect of a deceased member, deceased preserved benefit member or deceased pensioner, a lump sum is payable of the amount, if any, by which the sum of the:

            (a)              accumulated member contributions; and

            (b)              accumulated productivity contributions; and

            (c)              any superannuation guarantee additional amount

    applicable to the deceased member, deceased preserved benefit