SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.25 Compulsory cashing of benefits in approved deposit funds
SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.25
Compulsory cashing of benefits in approved deposit funds(1) Subject to subregulation (3), a member's benefits in an approved deposit fund must be cashed as soon as practicable after the member dies.
(2) The form in which benefits may be cashed under this regulation is, in respect of each person to whom benefits are cashed:
(a) a single lump sum; or
(b) an interim lump sum (not exceeding the amount of the benefits ascertained at the date of an event mentioned in subregulation (1)) and a final lump sum (not exceeding the balance of the benefits as finally ascertained in relation to the event).
(3) Subregulation (1) is satisfied if, instead of being cashed,
the benefits are rolled over as soon as practicable for immediate cashing.