Document ID: chunk:federal_register_of_legislation:F2022C00514:reg:49
Version: federal_register_of_legislation:F2022C00514
Segment Type: reg
Provision Reference: reg 49
Character Range: 108292–109376

49  Drawing on member benefit included in preserved benefit
 (1) Subject to subrule (2) and Part 10, where a preserved benefit is applicable to a person and the preserved benefit includes an amount of member benefit, he or she may, at any time, elect to have the whole or a part of that member benefit paid to him or her as a lump sum, in accordance with Part 11 and:
 (a) if he or she elects to have the whole of the member benefit paid—the whole of the member benefit is payable to him or her; or
 (b) if he or she elects to have part of the member benefit paid—the amount specified in the election is payable to him or her;
and the amount of the preserved benefit applicable to the person is reduced by a corresponding amount.
 (2) Where a person elects under this rule to have part of the member benefit paid:
 (a) that part must be an amount of $10 000 or a whole number multiple of that amount; and
 (b) he or she is not permitted, except with the approval of CSC, to make another election under this rule until 6 months has elapsed since the last election made by him or her.