Document ID: chunk:federal_register_of_legislation:F2024C00321:reg:16:p84
Version: federal_register_of_legislation:F2024C00321
Segment Type: reg
Provision Reference: reg 16 (pt 84/106)
Character Range: 339329–342290

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
    (c) to take his/her final benefit accrual as a pension; or
         (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

         (e) to combine his/her final benefit accrual with the benefit accruing under another current period of membership, provided the combined benefit does not exceed his/her maximum benefit (see Rules 5.2.20 and 5.3.20);

unless:

         (A) he/she:
         (i) continues in employment with the new owner or transferee; and
             (ii) could have continued to be a member of the scheme after the sale or transfer (see Rule 6.6.2); or
         (B) he/she:
             (i) continues in employment with the new owner or transferee, but does not change employer; and
             (ii) was not allowed to continue to be a member of the scheme after the sale or transfer (see Rule 6.6.3); or
         (C) he/she transfers his/her benefits to an eligible superannuation scheme (see Rule 6.8.6), or joins an approved superannuation scheme (see Rule 6.8.10) or an authorised superannuation scheme  (see Rule 6.8.11).

Division 7
Division repealed by the Superannuation Legislation (Commonwealth Employment) Repeal and Amendment Act (No. 1) 2003.
Division 8

Agreements relating to eligible superannuation schemes
6.8.1 The Minister and the Board may, before 1 July 2003, agree that a superannuation scheme is an eligible superannuation scheme able to receive transfers of final benefit accruals and preserved benefits in respect of former members who join the scheme if:
    (a) the scheme is established:
             (i) by, or under a law of, or under the authority of, the Commonwealth, of a State or of a Territory; or
             (ii) under the authority of a municipal corporation, another local governing body, or a public authority constituted by or under a law of the Commonwealth, of a State or of a Territory; or
             (iii) under the authority of a company or other body corporate in which one or more of the governments, bodies and authorities in subparagraphs (i) and (ii) has a controlling interest; and
         (b) the scheme is a regulated superannuation fund or an exempt public sector superannuation scheme for the purposes of the SIS Act;