20TTransition to retirement pension

20T Transition to retirement pension (1) A contributor who has attained preservation age may apply to the Board in a form approved by the Board to convert part of their accrued benefit into a transition to retirement pension. (2) The contributor must elect in the application under subsection (1) to convert a part of their accrued benefit into a transition to retirement pension which is equal to a percentage that is not less than 20% and not more than 50% of their accrued benefit. (3) If the Board approves the application under subsection (1), the Board must— (a) establish a transition to retirement pension account in the ESSPLAN Scheme for the contributor; and (b) reduce the contributor's accrued benefit multiple in accordance with a methodology approved by the Minister, on the advice of an actuary appointed by the Board. (4) The Board must reduce the maximum of 8.40 times the salary of the contributor that would otherwise apply in respect of the accrued benefit of the contributor under section 20C(2) by the same reduction as the accrued benefit multiple is reduced under subsection (3)(b). (5) In this section, ***preservation age*** has the same meaning as it has in regulation 6.01(2) of the Superannuation Industry (Supervision) Regulations 1994 of the Commonwealth. Pt 3A (Heading and ss 21–21O) inserted by No. 82/1996 s. 11.