ORSO

The treatment of a bankrupt member’s vested benefits under ORSO schemes depends on the terms of the governing rules and other relevant circumstances of the case.

The administrator of an ORSO scheme must:

• give prior notice to the Official Receiver’s Office (ORO) for the transfer of benefits vested in a bankrupt member from an ORSO scheme to another scheme even though no payment of benefits is proposed; and
• obtain prior consent from the ORO in respect of any proposed payment of benefits to a bankrupt member, including the offsetting of long service payments / severance payments.