51Release of preserved benefits

51 Release of preserved benefits

(1)  If the Commission is required to preserve a lump sum benefit entitlement under Part 4 or 5 , that benefit entitlement may be paid by the Commission only if regulated superannuation funds are permitted under the SIS Act to make such a payment in similar circumstances.

(2)  The Commission must notify –

(a) a Fund member; or

(b) a person entitled to the preserved benefit in accordance with regulation 110  –

whichever is appropriate, of the entitlement to a preserved benefit that has become payable, by sending a written notice to that person's last known address.

(3)  If a person with an entitlement to a preserved benefit dies, the Commission is to pay that benefit in accordance with regulation 110 .

(4)  [Regulation 51 Subregulation (4) substituted by S.R. 2022, No. 11, Applied:31 Mar 2022] If the Commission has –

(a) determined under regulation 96(8) that a person with an entitlement to a preserved benefit is suffering from total and permanent incapacity; or

(b) determined under regulation 96A that a person with an entitlement to a preserved benefit has a terminal medical condition –

the Commission is to pay that benefit to that person.