Document ID: chunk:federal_register_of_legislation:F2022C00514:reg:12
Version: federal_register_of_legislation:F2022C00514
Segment Type: reg
Provision Reference: reg 12
Character Range: 57450–59010

12  Benefits on retirement before reaching 55 years of age or earlier retiring age, otherwise than for redundancy or retrenchment etc
 (1) This rule applies to a member who retires:
 (a) in the case of a member whose retiring age is less than 55 years—before reaching his or her retiring age; or
 (b) in any other case—before reaching the age of 55 years;
  not being a member who is:
 (c) retired on the ground of redundancy or retrenchment; or
 (d) entitled to an invalidity pension.
 (2) Subject to Parts 10 and 10A, in the case of a person to whom this rule applies:
 (a) his or her member benefit is payable to him or her as a lump sum, in accordance with Part 11; and
 (b) there is applicable to him or her a preserved benefit of the amount of his or her employer benefit.
 (3) A person who is entitled to be paid a member benefit under paragraph (2)(a) may elect that, instead of that benefit being paid to him or her, there be applicable to him or her a preserved benefit of the amount of the member benefit and if he or she so elects:
 (a) the member benefit is not payable to him or her as a lump sum; and
 (b) there is applicable to him or her a preserved benefit of that amount.
 (4) If a person who is entitled to be paid a member benefit under paragraph 2(a):
 (a) does not request that the benefit be paid to him or her as a lump sum; and
 (b) does not make an election under subrule (3);
within the period of 3 months after becoming entitled to the benefit, there is applicable to him or her a preserved benefit of the amount of that benefit.