22BCompulsory preservation of benefits

#### 22B Compulsory preservation of benefits 22B Compulsory preservation of benefits > > (1) The trustees must, when a lump sum becomes payable under this Act, preserve all or so much of the lump sum as is required to be preserved so as to be consistent with a relevant Commonwealth superannuation standard. > > > (2) The amount of the lump sum that must be preserved under this section in respect of a former member is the amount determined by the trustees, after obtaining actuarial advice. > > > (3) The amount of a benefit that must be preserved under this section is to be preserved in the Fund together with interest from the member’s exit date to the date of payment at a rate determined by the trustees. > > > (4) The trustees may establish and maintain within the Fund such accounts and reserves as, in the opinion of the trustees, are necessary or convenient for the administration of this section. > > > (5) The trustees may, from time to time, adjust any account or reserve established under this section by— > > > > > (a) deducting amounts for the trustees’ administration costs in respect of the preserved benefit, and > > > > > (b) adjusting it for interest at a rate determined by the trustees, having regard to the income of the Fund and such other matters as the trustees consider relevant. > > **s 22B:** Ins 1993 No 111, Sch 7. Am 1995 No 99, Sch 1; 1996 No 92, Sch 1.4 (4); 1997 No 42, Sch 1.2 \[8\]–\[10\]; 1997 No 149, Sch 1.2 \[9\]. Subst 1999 No 89, Sch 1 \[14\].