SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.18 Voluntary cashing of preserved benefits in regulated superannuation funds

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.18

  (1)   A member's preserved benefits in a regulated superannuation fund may be cashed on or after the satisfaction by the member of a condition of release.

Note:   For conditions of release for temporary residents, see regulation   6.01B.

  (2)   The amount of preserved benefits that may be cashed in accordance with subregulation   (1) must not exceed the sum of:

  (a)   the amount of preserved benefits of the member that had accrued at the time when the member satisfied the condition of release; and

  (b)   before 1   July 1999--the amount of any investment earnings accruing on those benefits from the time when the member satisfied the condition of release.

  (3)   Subject to subregulation   (4), the form in which preserved benefits may be cashed under this regulation is, unless the satisfied condition of release is the death of the member:

  (a)   a form (if any) specified in Schedule   1 as a cashing restriction relating to the condition of release; or

  (b)   if the specified cashing restriction is 'Nil'--any 1 or more of the following forms:

  (i)   1 or more lump sums;

  (ii)   1 or more pensions;

  (iii)   the purchase of 1 or more annuities.

Note:   For the cashing requirement applying on the death of the member, see regulation   6.21.

  (4)   A lump sum mentioned in subparagraph   (3)(b)(i) must be payable not later than the time for the payment of a lump sum mentioned in paragraph   6.21(2)(a).