Document ID: chunk:federal_register_of_legislation:C2022C00261:section:52:p16
Version: federal_register_of_legislation:C2022C00261
Segment Type: section
Provision Reference: s 52 (pt 16/48)
Character Range: 70574–73014

under paragraph (1) (b) or (2) (e) may elect that, instead of that benefit being so preserved, it be converted into a pension payable to him or her and if he or she so elects:
     (a) a preserved benefit of the amount of the benefit is not applicable to him or her; and
     (b) the benefit is converted into a pension payable to him or her.
(5) Where:
     (a) a member retired and, on that retirement, subrule (2) applied to him or her; and
     (b) he or she again became a member and again retires; and
     (c) on the last‑mentioned retirement the member is not entitled to an invalidity pension;
then, for the purposes of these Rules, the person is taken to be a person to whom subrule (2) applies.
Benefits on retirement on or after attaining age of 55 years
14. Where a member retires:
     (a) on or after attaining the age of 55 years; and
     (b) he or she is not entitled to an invalidity pension;
there is applicable to him or her a preserved benefit of the amount of his or her member benefit and employer benefit.
Payment of benefits where rule 12 applies and person has less than 12 months' eligible service
15. (1) This rule applies to a person to whom rule 12 applies who has less than 12 months' eligible service and whose employer benefit consists wholly of funded employer benefit.
(2) Where the person's employer benefit is an amount to which the preservation standards set out in the Occupational Superannuation Standards Regulations apply, he or she may elect that, instead of his or her employer benefit being preserved in the Fund, it is paid to a preservation fund, or used to purchase a deferred annuity, of his or her choice, and if he or she does so:
     (a) his or her employer benefit is payable to that preservation fund or to be used to purchase that annuity, as the case may be; and
     (b) he or she is not entitled to elect under subrule 12 (3) to have applicable to him or her a preserved benefit of the amount of his or her member benefit.
(3) Where the person's employer benefit is an amount to which the preservation standards set out in the Occupational Superannuation Standards Regulations do not apply, he or she may elect that his or her employer benefit is paid to him or her as a lump sum, and if he or she so elects:
     (a) his or her employer benefit is payable to him or her as a lump sum; and
     (b) he or she is not entitled to elect under subrule 12 (3) to have applicable to him