Document ID: chunk:federal_register_of_legislation:F2021C00237:reg:7:p25
Version: federal_register_of_legislation:F2021C00237
Segment Type: reg
Provision Reference: reg 7 (pt 25/46)
Character Range: 104051–106986

or policies providing the income protection cover.

   Payment of income protection benefits

 3.4.3 Subject to the SIS Act, any amount, other than an income protection superannuation contribution amount, paid by an insurance company in response to a claim against a policy providing income protection cover must be paid to the PSSAP member as a non‑commutable income stream.
 3.4.4 Any amount paid to a PSSAP member under Rule 3.4.3 does not form part of the personal accumulation account of the PSSAP member.
 3.4.5 Nothing in this Deed requires CSC to pay income protection benefits where:
           (a) a PSSAP member does not hold income protection cover; or
           (b) an insurance company does not pay any amount in response to a claim by CSC.
Division 5  Retirement income products

   CSC may arrange income products

 3.5.1 CSC may enter into arrangements with a provider of products and services other than the Commonwealth to offer income products, including retirement income products, for purchase by persons in receipt of benefits under the Rules.
 3.5.2 A person in receipt of benefit under Division 1 of this Part may use the benefits to purchase income products arranged by CSC, subject to the SIS Act.

Division 6  Account‑based pensions provided by CSC

 3.6.1 If CSC receives a benefit application from a PSSAP member or PSSAP pensioner pursuant to Rule 3.1.1(g), CSC may, subject to the SIS Act and the person satisfying any requirements determined under Rule 3.6.2, provide one or more account‑based pensions to the person.
 3.6.2 CSC may, subject to the SIS Act and this Division, determine terms and conditions for the provision of an account‑based pension, including the amount and manner of payments from the account.
Note:  Rule 3.6.2 allows CSC to set terms and conditions for the provision of an account‑based pension.

       For example, CSC may:

         ‑ Decide to only provide a pension where the amount paid from a PSSAP member's personal accumulation account into their pension account is above a certain amount.
         ‑ Allow PSSAP pensioners to select the amounts and timing of their pension payments, within specified restrictions.
         ‑ Offer PSSAP pensioners the opportunity to elect to have amounts held in their pension account invested in accordance with particular investment strategies, including conditions on how and when changes to their investment strategy can be made.
         ‑ Determine the eligibility requirements and the manner and form required for the nomination, and variations of nomination, of reversionary beneficiaries.

   Payment of account‑based pensions

 3.6.3 If CSC provides an account‑based pension under Rule 3.6.1, the following conditions, in addition to any terms and conditions determined by CSC under Rule 3.6.2, shall apply to the pension:
           (a) the pension shall be paid from the pension account;
           (b) payment of