Document ID: chunk:federal_register_of_legislation:C2006C00163:clause:3_4:p1
Version: federal_register_of_legislation:C2006C00163
Segment Type: clause
Provision Reference: sch 3 cl 4 (pt 1/4)
Character Range: 111065–114039

4  Division 6 of Part 6
Repeal the Division, substitute:

Sale or Transfer of Assets Benefit Options

Division 6

 Benefit options — PSS membership continues

6.6.1 A member who continues to be a member on the sale or transfer of all or part of an organisation, business, service, asset or function is not entitled to any benefits until he/she ceases membership. When the member ceases membership he/she will be entitled to benefits under whichever Rule is applicable to him/her at that time.

 Benefit options — PSS membership ceases

6.6.2 A member who ceases membership on the sale or transfer of all or part of an organisation, business, service, asset or function and:

              (a) continues in employment with the new owner or transferee; and

              (b) could have continued to be a member of the scheme after the sale or transfer;

may choose:

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

                   (ii) to combine his/her final benefit accrual with the benefit accruing under another current period of membership, provided it will not cause him/her to exceed his/her maximum benefit (see Rules 5.2.20 and 5.3.20);

unless he/she transfers his/her benefits to an eligible superannuation scheme (see Rule 6.8.6), or joins an approved superannuation scheme (see Rule 6.8.10) or an authorised superannuation scheme (see Rule 6.8.11).

 Benefit options — Continues in employment, but does not               change employer

6.6.3 A member who ceases membership on the sale or transfer of all or part of an organisation, business, service, asset or function and continues in employment with the new owner or transferee, but does not change employer, is entitled to leave his/her final benefit accrual in the scheme as a preserved benefit, or, as an alternative, may choose:

                   (i) to roll‑over his/her final benefit accrual, 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

                   (ii) to combine his/her final benefit accrual with the benefit accruing under another current period of membership, provided it will not cause him/her to exceed his/her maximum benefit (see Rules 5.2.20 and 5.3.20);

unless:

              (A) he/she could have continued to be a member of the scheme after the sale or transfer (see Rule 6.6.2); or

              (B) he/she transfers his/her benefits to an eligible superannuation scheme (see Rule 6.8.6), or joins an approved superannuation scheme (see Rule 6.8.10) or an authorised superannuation scheme (see Rule 6.8.11).

 Benefit options — Involuntary retirement before 1 July 2000

6.6.4 A member who ceases membership on involuntary retirement before 1 July 2000 on the sale or transfer of all or part of an organisation, business, service, asset or function is entitled to leave his/her final