Retirement Savings Accounts Regulations 1997
The restricted non-preserved benefits of an RSA holder may be cashed on or after the satisfaction by the RSA holder of a condition of release.
For conditions of release for temporary residents, see regulation 4.01B .
The amount of restricted non-preserved benefits that may be cashed in accordance with subregulation (1) must not exceed the amount of:
(a) the restricted non-preserved benefits of the RSA holder that had accrued at the time when the RSA holder satisfied the condition of release; and
(b) before 1 July 1999 - any investment earnings accruing on those benefits from the time when the RSA holder satisfied the condition of release.
Subject to subregulation (4), the form in which restricted non-preserved benefits may be cashed under this regulation is, unless the satisfied condition of release is the death of the RSA holder:
(a) a form (if any) specified in Schedule 2 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 under the SIS Regulations.
For the cashing requirement applying on the death of the RSA holder, see regulation 4.24 .
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 4.24(3)(a) .
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