53Compulsory payment of preserved benefit

53 Compulsory payment of preserved benefit

(1) Subject to Parts 10 and 10A, if a person in relation to whom a preserved benefit is applicable does not make an election under paragraph 52(1)(b) or (c) on or before attaining the age of 65 years, the preserved benefit is payable to the person as a lump sum. (2) Subject to Part 10, if: (a) a preserved benefit is applicable to a person; and (b) the preserved benefit consists wholly of a member benefit and is an amount that is less than the SIS preservation threshold amount; the preserved benefit is payable to the person as a lump sum.