Document ID: chunk:federal_register_of_legislation:F2008L02863:body:0:p5
Version: federal_register_of_legislation:F2008L02863
Segment Type: other
Provision Reference: 
Character Range: 10701–13858

(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

         (bb) to be paid a lump sum of less than the amount of his/her final benefit accrual, 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 plus the superannuation guarantee additional amount (if any) that is applicable in respect of the member; 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"

    4.17 Rule 6.6.5 is further amended by deleting existing paragraph (d) and substituting it with the following new paragraph (d):

         "(d) to roll-over his/her final benefit accrual plus the superannuation guarantee additional amount (if any) that is applicable in respect of the member, 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"

    4.18 Rule 6.8.6 is amended by deleting the words "his/her final benefit accrual" and replacing them with the words "his/her final benefit accrual plus the superannuation guarantee additional amount (if any) that is applicable in respect of the member".

4.19 Rule 6.8.7 is replaced with the following Rule:

    "6.8.7 A preserved benefit member who becomes a member of an eligible superannuation scheme may choose to transfer his/her preserved benefit plus the superannuation guarantee additional amount (if any) that is applicable in respect of him/her to the eligible superannuation scheme unless he/she has been paid some of his/her accumulated member contributions (other than a refund of an Excess Contribution Multiple).  Where such a choice is made, the benefit is payable to the eligible superannuation scheme under Rule 8.1.1 provided the requirements of Rule 6.8.8 are satisfied."

    4.20 The following Rules are inserted immediately after Rule 7.1.2:

    "7.1.2A  Where the reversionary pension has not been apportioned under Rule 9.4.1 and the spouse of a deceased member chooses, under Rule 7.1.2, to convert the whole of the pension payable to him/her to a lump sum, and no further benefits are payable in respect of the deceased member, the amount of that lump sum is:

         (a) the lump sum applicable to that spouse in accordance with Rule 9.3.4; plus

         (b) the superannuation guarantee additional amount (if any) that is applicable in respect of the deceased member.

    7.1.2B  Where a deceased member is survived by more