• Specific Year
    Any

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.20 Voluntary cashing of unrestricted non - preserved benefits in regulated superannuation funds

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.20

Voluntary cashing of unrestricted non - preserved benefits in regulated superannuation funds

  (1)   A member's unrestricted non - preserved benefits in a regulated superannuation fund may be cashed at any time.

  (2)   The amount of unrestricted non - preserved benefits that may be cashed in accordance with subregulation   (1) is the whole or part of the member's unrestricted non - preserved benefits in the fund.

  (3)   Subject to subregulation   (4), the form in which unrestricted non - preserved benefits may be cashed under this regulation is, unless the cashing occurs in consequence of the death of the member, any one or more of the following forms:

  (a)   one or more lump sums;

  (b)   one or more pensions;

  (c)   the purchase of one 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 paragraph   (3)(a) must be payable not later than the time for the payment of a lump sum mentioned in paragraph   6.21(2)(a).

Download

No downloadable files available