175Transfer of benefit out of scheme

175 Transfer of benefit out of scheme

(1)  A member may, in writing, elect –

(a) to cash the whole of the member’s benefit; or

(b) to have the whole of the member’s benefit rolled over to a complying superannuation scheme.

(2)  A member must provide to the Commission, at the same time as the member makes an election under subregulation (1) , a written release from any further liability to the member under the scheme, which release is to take effect when the Commission gives effect to the election under subregulation (4) .

(3)  If a member makes an election under subregulation (1) , the member’s benefit is to be calculated as the greater of the benefit entitlement options that the member would have had under this Division if the member had ceased to be an employee, at the date of the election, for reasons other than death, ill health, permanent incapacity or temporary incapacity.

(4)  If the Commission receives from a member an election under subregulation (1) and a written release under subregulation (2) that is in a form that is satisfactory to the Commission, the Commission, subject to subregulation (5) , must give effect to the election.

(5)  A benefit may be paid by the Commission in accordance with an election under subregulation (4) only if regulated superannuation funds are permitted under the SIS Act to make such a payment in similar circumstances.

(6)  The Commission must not charge any exit fee for any amounts that are rolled over to a complying superannuation scheme.

(7)  If the Commission gives effect under subregulation (4) to an election, the member’s entitlement to a benefit from the SFCS Scheme is satisfied in full.

(8)  If a member has elected to have all of his or her benefit rolled over to a complying superannuation scheme, the Commission is not responsible for the manner in which the trustee of the other scheme deals with any amount transferred or rolled over.