Document ID: chunk:federal_register_of_legislation:C2006C00163:clause:3_6:p1
Version: federal_register_of_legislation:C2006C00163
Segment Type: clause
Provision Reference: sch 3 cl 6 (pt 1/2)
Character Range: 120246–123194

6  Division 4 of Part 8
Repeal the Division, substitute:

Early Access to Preserved Benefit on Involuntary Retirement after Sale or Transfer of Assets

Division 4

     Benefit options for certain preserved benefit members on subsequent retrenchment

8.4.1 A former member who was employed by an organisation, business, service or asset or function nominated by the Minister and agreed by the Board immediately before the date of sale or transfer of that organisation, business, service or asset or function, and who:

              (a) was not allowed to continue to be a member after the sale or transfer; and

              (b) became entitled to a preserved benefit under Rule 6.6.3, 6.6.4 or 6.6.5 which includes all of his/her accumulated member contributions (other than any refunded Excess Contribution Multiple), accumulated productivity contributions and unfunded preserved benefit; and

              (c) remains continuously in employment with the new owner or transferee, or any subsequent new owner or transferee; and

              (d) is subsequently retrenched by the new owner or transferee, or any subsequent new owner or transferee, within a period of three years of the date of sale or transfer of the organisation, business, service, asset or function; and

              (e) has not reached his/her maximum retiring age;

may choose, within three months after the date of the retrenchment:

              (A) any one of the options in Rule 8.4.2 if he/she is retrenched before 1 July 2000 and before minimum retiring age; or

              (B) any one of the options in Rule 8.4.3 if he/she is retrenched on or after 1 July 2000 and before minimum retiring age; or

              (C) any one of the options in Rule 8.4.4 if he/she is retrenched on or after minimum retiring age.

     Benefit options on retrenchment before 1 July 2000 and before minimum retiring age

8.4.2 A preserved benefit member who is retrenched before 1 July 2000 and before minimum retiring age under the conditions set out in Rule 8.4.1 may choose:

              (a) to retain his/her preserved benefit in the PSS scheme; or

              (b) to take his/her preserved benefit as a pension; or

              (c) to roll‑over his/her preserved benefit; or

              (d) to be paid a lump sum of that part of his/her preserved benefit that the SIS Act permits to be paid in cash, or a lump sum of less than that amount, and:

                   (i) retain the balance of his/her preserved benefit in the PSS scheme; or

                   (ii) roll‑over the balance of his/her preserved benefit; or

                   (iii) if the balance is 50% or more of his/her preserved benefit, convert the balance into a pension.

     Benefit options on retrenchment on or after 1 July 2000 and before minimum retiring age

8.4.3 A preserved benefit member who is retrenched on or after 1 July 2000 and before minimum