This is a fund to which a ‘contribution’ is made for a member in the form of his or her transferred savings from another retirement fund on termination of the member’s membership of that fund. Those retirement savings are then kept and invested by the preservation fund until the member reaches retirement age (any date after the member reaches 55 years of age) although the rules may allow a member to make one withdrawal from it before then unless a deduction was made by the previous fund from the member’s benefit before the residue was paid to the preservation fund.