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The following options are available for a resignation benefit:
Option 1
| Full refund with deferred pension |
| With this option, you receive all your accumulated contributions and earnings, but a lower level of deferred pension than options 2 and 3 offer. |
Option 2
| Part refund/higher deferred part pension |
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This option is only available to you if you are under age 50. It provides you with a refund of your recent contributions and earnings, plus a deferred pension which will be higher than that available in Option 1 but lower than the total deferred pension available in Option 3.
The amount of your recent contributions refunded is based on your age at the date of resignation. This option is only available to you if you are under age 50. It provides you with a refund of your recent contributions and earnings, plus a deferred pension which will be higher than that available in Option 1 but lower than the total deferred pension available in Option 3.
The amount of your recent contributions refunded is based on your age at the date of resignation.
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Option 3
| Total deferred pension |
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This option provides you with a higher deferred pension than is offered in Options 1 or 2, payable upon application from your minimum retirement age, but no refund of contributions and earnings.
Present-day value lump sum
This option allows you to convert your deferred pension into an immediate present-day value lump sum before your minimum retirement age. If you choose to do this:
- you receive a lump sum based on your age at the date you elect for the lump sum,
- the lump sum must be rolled over to another complying superannuation fund, and no further benefits will be payable to either yourself or your eligible partner. You may elect to convert your deferred pension into an immediate present day value lump sum at any time prior to minimum retirement age.
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You may be eligible for ‘portability’ deferred pension 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
 Check how the payment of benefits will be distributed
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