Examples of Preserved Benefits in a sentence
If former employees were in the 1956 Scheme and left service, and did not re-enter the Sector (thereby becoming a member of the 1977 or 1998 Schemes) there is no provision for Preserved Benefits and no entitlements available.
These are called Preserved Benefits.You can access your Preserved Benefits in your super when you have met a condition of release.
Preserved Benefits - The pension benefits payable from normal retirement age to a member of the Fund who has ceased to contribute as a result of leaving employment or opting out of the Pension scheme before normal retirement age.
The site has a comprehensive range of Scheme information, which includes:All About Your Pension Scheme: A new employees’ guide to the SchemeAll About Your Preserved Benefits: A guide to benefits provided if you leave before retirement ageAll About Your Retirement Benefits: A guide to retirement benefits Increasing Your Benefits: How to purchase additional periods of membershipA “FAQ” section: Frequently asked questions.
Preserved Benefits – In general preserved benefits must be retained in a superannuation fund until the member has satisfied a condition of release as specified in the Superannuation Industry (Supervision) Act 1993.
The granting of such credits is then, however, closely tied to the dismantling of existing economic and socio-political capabilities.
The amount of their Member Account, including any Preserved Benefits, shall be paid to the Member if the Trustee is satisfied that the Member is leaving Australia to reside permanently overseas.
Qualifying service is required for eligibility for Retirement Benefits (Chapter 11), Preserved Benefits (Chapter 13) and Actuarially Reduced Benefits (Chapter 13A) but is not required for Death in Service benefits.
Preserved Benefits may only be transferred to an Approved Superannuation Arrangement if the Governing Rules of the Approved Superannuation Arrangement require the Preserved Benefits to be preserved under the Superannuation Law.6.3Transfers from Approved Superannuation Arrangements 6.3.1 A Member may request the Trustee to accept a transfer of Benefits from another Approved Superannuation Arrangement.
Retirements / Preserved Benefits into payment - communicate with member, obtain all necessary forms / documents, revise pension records, generate payment for lump sum and instruct Payroll to commence pension payments – within 10 days of receipt of all documentation.