State Superannuation Regulations 2001

A Retirement Income Member may request the Board to —

pay to the Member; or

transfer to another scheme or to another superannuation fund,

The Board must refuse a request for the payment or transfer of an amount that is, or the payment or transfer of an amount that reduces the balance in the Member’s retirement income account to, less than the pre‑set minimum (if any).

Subregulation (2) does not apply if —

the amount requested is the whole of the balance in the account; or

the Board is satisfied it is appropriate to comply with the request because of the special circumstances of the Member.

If a Member’s benefit in the Retirement Income Scheme is a phased retirement benefit, the Board must not pay or transfer any of that benefit or earnings on it, under this regulation unless —

the Member has satisfied an unrestricted condition of release; or

the benefit is transferred to another scheme or superannuation fund the rules of which prevent the cashing, commutation or transfer of the benefit unless —

the Member has satisfied an unrestricted condition of release; or

the benefit is transferred to another superannuation fund the rules of which include provisions having the same effect as this subregulation;

the benefit is to be used to pay contributions tax and is paid to the Member for payment to the Commonwealth Commissioner of Taxation.