Resignation after 12 months membership

The employee has three alternatives, to:

• take a refund of the EFP component.  The GFP and productivity components are automatically preserved until age 55 or retirement, and then paid as a lump sum;

• transfer the value of the whole benefit to another fund; or

• preserve the whole benefit.  A lump sum or pension can be claimed at age 55 or retirement.

If benefits are transferred or preserved, section 21 applies.