DEFERRED WITHDRAWAL BENEFITS AND WITHDRAWAL BENEFITS

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12.1 Amounts standing to the Member’s Retirement Account which are required to be preserved shall be preserved in accordance with the Applicable Requirements and subject to rule 5 shall become payable:

1.7.07 (a) if the Member has reached age 65 years and has not retired from the workforce, on the request of the Member;

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(b) where the Member is a Temporary Resident and all other requirements of the Act have been satisfied;

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(c) in accordance with rules 6, 8 and 10;

19.12.97 (d) in such other circumstances (if any) as are provided for in the Act or as the Regulator approves. This rule does not apply to amounts less than the Minimum Amount where the sole condition of release specified in the Act that is satisfied by the Member is the termination of the Member’s gainful employment, or to amounts where the claim is on the ground of severe financial hardship or on the compassionate ground and the Member does not meet the criteria determined by the Trustee, unless payment is required by the Regulator or the Act.

1.4.92 12.2 Where a Member ceases to be in the Service of an Employer or on acceptance by the Trustee of an application by the Member to leave the Plan and there is an amount standing to the Member’s Retirement Account that is required to be preserved, such amounts shall: (a) if the Trustee and Member so agree;

(i) be held in the Plan until the Member becomes entitled to immediate payment thereof in accordance with these Rules;

(ii) be paid by the Trustee to the trustee of a Complying Fund which the Member has joined that is required to preserve such benefits in accordance with the Applicable Requirements.

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12.3 Subject to rule 5, a Member, on satisfying the conditions of release applying to amounts standing to the Member’s Retirement Account that are not required to be preserved, may apply to the Trustee for payment of such amounts. This rule does not apply to amounts under the Minimum Amount where the sole condition of release specified in the Act that is satisfied by the Member is the termination of the Member’s gainful employment, or to amounts where the claim is on the ground of severe financial hardship or on the compassionate ground where the Member does not meet the criteria determined by the Trustee, unless payment is required by the Regulator or the Act.

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12.4 Where a Member satisfies a Condition of Release for payment of Benefits and there is an amount standing to the Member’s Retirement Account that has not been dealt with in accordance with rules 6, 8, 10, 12.2 or 12.3, the Trustee:

(a) may retain the amount standing to the Member’s Retirement Account until the Member requests payment or until the Member reaches Compulsory Payment Time - when the amount shall be paid to the Member or, if deceased, to the person or persons entitled to payment on death of the Member; or

(b) may at any time pay the amount standing to the Member’s Retirement Account to a fund that the Trustee is satisfied is a Successor Fund. No claim shall lie against the Trustee by the Member as a result of the Trustee paying such amount to a Successor Fund.

1.4.92 12.5 The benefit referred to in this rule 12 shall be paid to the Member either as a lump sum or in such other manner as the Member may elect, or to his Dependants or Legal Personal

Representatives in the event of his death.

19.12.97 12.6 The Trustee is not required to approve applications for severe financial hardship nor is it required to establish a procedure to determine whether or not a Member is in severe financial hardship.

6.8.09 12.7 Notwithstanding any other provision of this Deed, the Trustee shall not pay out any Benefits to Members, Dependants or Beneficiaries or other persons where such payment would not satisfy a condition of release.

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_{12A.REFUNDS AND TRANSFERS}

12A.1 Refund of Ineligible Payments

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Any amount received where rule 2.7 applies or received in breach of rule 3.5 shall be refunded to the payer unless to do so would be a breach of the Act, or it is impracticable to comply with the Act’s provisions applying to a refund of such amount, or the Trustee determines that to do so would have consequences that the Trustee does not wish to accept. The Trustee shall deal with any amount that is not to be refunded to the payer by:

(a) paying the amount to another Complying Fund in accordance with clause 18.1; or (b) paying the amount to a fund that the Trustee is satisfied is a Successor Fund; or (c) otherwise dealing with the amount in a manner that the Trustee determines is

appropriate.

18.2.13 12A.2 Transfers To Successor Funds

If the Trustee determines for any reason that it is appropriate, it may pay an amount equal to the amount standing to the Members Retirement Account to a fund that the Trustee is satisfied is a Successor Fund. The Trustee must comply with rule 2.3A in transferring any benefits to a Successor Fund.

12A.3 Payment Good Discharge

No claim shall lie against the Trustee by the Member as a result of the Trustee paying such amount to a Successor Fund.

13. LOCATION OF MEMBER