Document ID: chunk:federal_register_of_legislation:F2008L02863:body:0:p2
Version: federal_register_of_legislation:F2008L02863
Segment Type: other
Provision Reference: 
Character Range: 2524–5461

regard to:

                            (a) the charge percentage specified in subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992 as it applied during the period in which the person was a member; and

                            (b) the advice of an actuary in relation to the calculation of the amount."

    4.2 Rule 6.1.1 is amended by deleting the existing subparagraph (a)(i) and substituting it with the following new subparagraph (a)(i):

              "(i) all his/her final benefit accrual plus the superannuation guarantee additional amount (if any) that is applicable to the member if the sum of these amounts is less than $200;"

    4.3 Rule 6.1.3 is amended by deleting the existing paragraph (a) and substituting it with the following new paragraph (a):

         "(a) to be paid a lump sum of his/her final benefit accrual plus the superannuation guarantee additional amount (if any) that is applicable to the member if the sum of these amounts is less than $200; or"

     4.4 Rule 6.2.1 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 6.2.1A and:

              (i)                 leave the balance, if any, of his/her final benefit accrual in the scheme as a preserved benefit; or

              (ii)               if the balance is 50% or more of his/her final benefit accrual, convert the balance into a pension; or

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

              (i)                 leave the balance of his/her final benefit accrual in the scheme as a preserved benefit; or

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

4.5 The following Rule is to be inserted immediately following Rule 6.2.1:

    "6.2.1A For the purposes of Rule 6.2.1(a) where:

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

              (b)               the SIS Act does not permit the total of the final benefit accrual to be paid in cash, the lump sum is the amount of the final benefit accrual in respect of the member permitted to be paid in cash under the SIS Act."

    4.6 Rule 6.3.2 is amended by deleting the existing subparagraph (a)(ii) and substituting the following new subparagraph (a)(ii):

              "(ii) roll-over the balance of his/her final benefit plus the superannuation guarantee additional amount (if any) that is applicable in respect of the member with any amount that exceeds the member's