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The following options are available for a resignation benefit:
Option 1
| Full refund with deferred benefit |
| With this option, you receive all your accumulated contributions and earnings, with a deferred benefit payable at Age 55. |
Option 2
| Full refund with deferred benefit converted to present day value |
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This option allows you to convert your deferred benefit into a present-day value lump sum before your minimum retirement age. If you choose to do this:
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you receive a lump sum based on your age at the date you elect for the lump sum,
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the lump sum must be rolled over to another complying superannuation fund, like ESSSuper’s Accumulation Plan, and
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no further benefits will be payable to either yourself or your eligible partner.
If you are entitled to a deferred pension because you transferred from the Revised Scheme to the New Scheme between 1988 and 1990, you must apply to commence your pension. If you do not apply at your minimum retirement age (normally age 55) you will not be entitled to receive pension payments for the period from your minimum retirement age to the date of your application (unless applying over the age of 60 when it will be backdated but only back to age 60).
You may elect to convert your deferred lump sum and/or pension into a present day value lump sum at any time.
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Portability
Instead of claiming a resignation benefit, you may elect for a portability deferred benefit.
A portability benefit may be activated when you resign from your statutory superannuation scheme employer and commence employment:
- where you will become a member of another statutory superannuation scheme,
- with a public authority, as declared by the Treasurer, or
- with an employer that has been declared by an Order of the Governor-in-Council to be an approved employee
The portability deferred benefit, which represents your full accrued entitlement within the fund, may be higher that the standard resignation entitlement. So it is worthwhile weighing up the options available.
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