Early payment for purpose of phased retirement benefit
124 Early payment for purpose of phased retirement benefit
Subject to subregulations (2) and (3), a GESB Super Member who has reached the preservation age may request the Board to transfer —
the balance of the Member’s GESB Super account; or
part of the balance of the Member’s GESB Super account,
to another scheme or superannuation fund for the purpose of providing a phased retirement benefit for the Member and the Board is to comply with that request.
An eligible statutory GESB Super Member cannot make a request under subregulation (1)(a).
The Board must refuse a request under subregulation (1)(b) for the transfer of an amount that reduces the balance in the Member’s GESB Super account to less than the pre‑set minimum (if any).
Subregulation (3) does not apply if the Board is satisfied it is appropriate to comply with the request because of the special circumstances of the Member.
If an amount transferred under this regulation is or includes all or part of a benefit to which the Member was already entitled the amount of that other benefit is reduced accordingly.
[Regulation 124 inserted: Gazette 13 Apr 2007 p. 1661; amended: SL 2023/205 r. 14.]
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