6APreservation of productivity benefit

6A Preservation of productivity benefit

(1) If a productivity benefit becomes payable in respect of a member, but is not payable in accordance with subclause 6(2) or (4), the benefit must be preserved in accordance with subclause (2) or (3). (2) The productivity benefit to be preserved in relation to a member must be paid to 1 of the following: (a) a superannuation fund: (i) that is nominated by the member; and (ii) of which the member is, or intends to become, a member; and (iii) that is required to preserve superannuation benefits in accordance with standards prescribed by the SIS Regulations; (b) an approved deposit fund that is: (i) nominated by the member; and (ii) required to preserve superannuation benefits in accordance with standards prescribed by the SIS Regulations; (c) a deferred annuity: (i) that is nominated by the member; and (ii) that cannot be surrendered or assigned before the member attains preservation age; and (iii) that does not pay benefits except in circumstances mentioned in subclause 6(1). (3) However, if the member does not make a nomination mentioned in subclause (2) within 2 calendar months after the benefit becomes payable in respect of the member, the benefit must be paid to a superannuation fund or approved deposit fund nominated by the CSC.