49Drawing on member benefit included in preserved benefit

49 Drawing on member benefit included in preserved benefit

(1) Subject to subrule (2) and Part 10, where a preserved benefit is applicable to a person and the preserved benefit includes an amount of member benefit, he or she may, at any time, elect to have the whole or a part of that member benefit paid to him or her as a lump sum, in accordance with Part 11 and: (a) if he or she elects to have the whole of the member benefit paid—the whole of the member benefit is payable to him or her; or (b) if he or she elects to have part of the member benefit paid—the amount specified in the election is payable to him or her; and the amount of the preserved benefit applicable to the person is reduced by a corresponding amount. (2) Where a person elects under this rule to have part of the member benefit paid: (a) that part must be an amount of $10 000 or a whole number multiple of that amount; and (b) he or she is not permitted, except with the approval of CSC, to make another election under this rule until 6 months has elapsed since the last election made by him or her.