Superannuation Industry (Supervision) Regulations 1994
A member's restricted non-preserved benefits in a regulated superannuation fund may be cashed on or after the satisfaction by the member of a condition of release.
For conditions of release for temporary residents, see regulation 6.01B .
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 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.
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 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 .
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) .
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.