Preservation of benefit
18 Preservation of benefit
This section applies to a person who becomes entitled to a superannuation benefit under this chapter if the person—
is less than 55 years old; or
is at least 55 years old but remains a member of the workforce.
The benefit is payable—
if the person is leaving Australia permanently or the entitlement is because of a discontinuance caused by the person’s death or invalidity—immediately to the person; or
in any other case—
to an eligible choice fund chosen by the person; or
if the person does not choose an eligible choice fund within 3 months after the day the person becomes entitled to the benefit—the default fund.
For subsection (2) (b) (i), the choice must be in writing given to the board.
This Act’s bill:Explanatory statement
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