Document ID: chunk:federal_register_of_legislation:C2006C00163:clause:3_4:p3
Version: federal_register_of_legislation:C2006C00163
Segment Type: clause
Provision Reference: sch 3 cl 4 (pt 3/4)
Character Range: 116636–119789

superannuation scheme (see Rule 6.8.10) or an authorised superannuation scheme (see Rule 6.8.11).

     Benefit options — Circumstances other than on involuntary retirement, and involuntary retirement on or after 1 July 2000

6.6.5 A member who ceases membership:

            * in circumstances other than on involuntary retirement; or

            * on involuntary retirement on or after 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 benefit accrual in the scheme as a preserved benefit, or, as an alternative, may choose:

              (a) to be paid a lump sum of that part of his/her final benefit accrual that the SIS Act permits to be paid in cash and that does not exceed his/her accumulated member contributions, or a lump sum of less than that amount, and:

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

                   (ii) roll‑over the balance of 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

                   (iii) convert the balance of his/her final benefit accrual into a pension;

                   provided that the member:

                       (A) ceases membership before minimum retiring age; or

                       (B) ceases membership on or after minimum retiring age and before age 60, and remains in the workforce; or

              (b) to be paid a lump sum of his/her final benefit accrual, or a lump sum of less than that amount, and:

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

                   (ii) roll‑over the balance of his/her final benefit accrual; or

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

                   provided that the member:

                       (A) ceases membership on or after minimum retiring age and before age 60, and retires permanently from the workforce; or

                       (B) ceases membership on or after age 60; or

              (c) to take his/her final benefit accrual as a pension; or

              (d) 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

              (e) to combine his/her final benefit accrual with the benefit accruing under another current period of membership, provided the combined benefit does not exceed his/her maximum benefit (see Rules 5.2.20 and 5.3.20);

unless:

              (A) he/she:

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

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

              (B) he/she:

                   (i) continues in employment with the new owner