Document ID: chunk:federal_register_of_legislation:C2007A00165:clause:3_79b
Version: federal_register_of_legislation:C2007A00165
Segment Type: clause
Provision Reference: sch 3 cl 79B
Character Range: 17666–18620

79B  Early release of benefits

 (1) For the purposes of the Superannuation Industry (Supervision) Regulations 1994, a lump sum (the early release lump sum) may be paid, on the grounds of severe financial hardship or on compassionate grounds, in accordance with those regulations, to or for the benefit of the following persons:
 (a) an eligible employee;
 (b) a deferred benefit member;
 (c) a person who has made an election under section 110T (postponement of benefits).

Note: The components that make up the person's early release amount are not reduced when an early release lump sum is paid. However, when a benefit to which the person is entitled under this Act becomes payable to the person, the amount of the benefit is reduced to reflect any previous early release lump sums paid to or for the benefit of the person (see section 79D).

 (2) To avoid doubt, more than one early release lump sum can be paid to or for the benefit of a person.