SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.23 Voluntary cashing of preserved benefits in approved deposit funds

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.23

  (1)   Subject to regulation   6.27, a member's preserved benefits in an approved deposit 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 amount of:

  (a)   the 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--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:

  (a)   the form (if any) specified in the cashing restriction for preserved benefits set out in Schedule   1 in relation to the relevant condition of release; or

  (b)   if that cashing restriction is 'Nil'--a lump sum or 2 or more lump sums.

  (4)   A lump sum mentioned in paragraph   (3)(b) must be payable not later than the time for the payment of a lump sum mentioned in subregulation   6.25(2).