787AB. Approved Retirement Fund option

(1) At any time assets of a PEPP are allowed to be made available to a PEPP beneficiary, that individual may opt to have those assets transferred to an approved retirement fund and the PEPP provider shall make that transfer.

(2)The assets that a PEPP provider shall transfer to an approved retirement fund in accordance with subsection (1) shall be the assets available in the PEPP at the time the election under that subsection is made less any lump sum the PEPP provider is permitted to pay without deduction of tax in accordance with section 787AA(3)(a).

(3)Where an individual opts in accordance with subsection (1), sections 784A and 784B shall apply as if that option were an option in accordance with section 784(2A).