Definition of Redundant
Redundant is defined in the Trust Deed as:
'The termination or cessation of employment of the member for any reason.'
Upon the member providing the administrator with a completed
benefit claim form
(including supporting information e.g. separation certificate etc) , payment is made direct to the member, either by cheque or electronic fund transfer.
Employers should note that if the amount contributed on behalf of an employee into ACIRT is less than the Award entitlement the employer will have a ‘shortfall’ amount and must pay this direct to the employee on termination.