(1)  If a member to whom this Part applies is under the preservation age and elects to commute either one-half or the whole of his or her pension to a lump sum payment in accordance with regulation 29 , the amount of that lump sum payment which represents –

(a) the superannuation guarantee contributions, including interest, that would have been made in respect of that member if he or she had been subject to the SG Act since his or her commencement as a member or 1 July 1994, whichever is the later, until 30 June 1999; and

(b) the difference between the total benefit at the time when the member ceased to be a member and the total benefit that would have been payable if the member had ceased to be a member as at 30 June 1999 –

is to be preserved until the member retires from the workforce after attaining the preservation age and elects, by notice in writing to the Commission, to receive that lump sum payment.

(2)  Subject to subregulation (3) , the amount to be preserved in relation to a member is to be transferred –

(a) to an account in a superannuation fund elected by that member; or

(b) if an election is not made under paragraph (a) within a reasonable period determined by the Commission – to an eligible rollover fund chosen by the Commission.

(3)  Despite subregulation (1) , a member who is under the preservation age is entitled to be paid by the Commission the whole or a part of his or her benefit if a regulated superannuation fund would be permitted under the SIS Act to make such a payment in similar circumstances.