Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:16:p98
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 16 (pt 98/106)
Character Range: 376737–379798

A preserved benefit member whose preserved benefit has become payable under Rule 8.1.1(a) is entitled to a lump sum of the preserved benefit plus the superannuation guarantee additional amount (if any) that is applicable to the preserved benefit member unless the preserved benefit member makes a benefit choice in accordance with Rule 8.2.1A.
8.2.1A A person whose preserved benefit will or has become payable under Rule 8.1.1(a) may, within the period commencing three months before the preserved benefit becomes payable and ending three months after the preserved benefit becomes payable, choose to take his/her preserved benefit:
    (a) entirely as a pension; or
         (b) as part pension, by converting half or more of the preserved benefit into pension, and the balance paid as a lump sum;
         provided the preserved benefit includes all of his/her accumulated member contributions (other than any refunded Excess Contribution Multiple), accumulated productivity contributions and unfunded preserved benefit.
8.2.1B A preserved benefit member whose preserved benefit has become payable under Rule 8.1.1 on the date chosen by the preserved benefit member under paragraph 8.1.1(b) may choose:
    (a) to take his/her preserved benefit:
             (i) entirely as a pension; or
             (ii) as part pension, by converting half or more of the preserved benefit into pension, and the balance paid as a lump sum;
             provided the preserved benefit includes all of his/her accumulated member contributions (other than any refunded Excess Contribution Multiple), accumulated productivity contributions and unfunded preserved benefit; or
         (b) to be paid a lump sum of the preserved benefit plus the superannuation guarantee additional amount (if any) that is applicable to the preserved benefit member.

Benefit options — on invalidity
8.2.2 A preserved benefit member whose preserved benefit has become payable under Rule 8.1.1 on the date CSC decides the benefit is payable on grounds of a terminal medical condition or a physical or mental incapacity may choose:
    (a) to take his/her preserved benefit:
             (i) entirely as a pension; or
             (ii) as part pension, by converting at least all of his/her unfunded preserved  benefit and accumulated productivity contributions into pension, and the  balance paid as a lump sum;
         provided the preserved benefit includes all of his/her accumulated member contributions (other than any refunded Excess Contribution Multiple), accumulated productivity contributions and unfunded preserved benefit; or
         (b) to be paid a lump sum of his/her preserved benefit plus the superannuation guarantee additional amount (if any) that is applicable to the preserved benefit member.

Benefit options — on death of a preserved benefit member
8.2.3 When a preserved benefit has become payable under Rule 8.1.1 on the date a preserved benefit member dies, the benefits under Division 4 of Part 7 of these Rules apply.

No benefit option — departed temporary resident