SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994

PART 6 - PAYMENT STANDARDS  

Division 6.3 - Cashing of benefits  

Subdivision 6.3.1 - Regulated superannuation funds  

REGULATION 6.21   COMPULSORY CASHING OF BENEFITS IN REGULATED SUPERANNUATION FUNDS  

6.21(1)  


Subject to subregulation (3), a member ' s benefits in a regulated superannuation fund must be cashed as soon as practicable after the member dies.

6.21(1A)  
(Repealed by SLI No 74 of 2007)

6.21(2)  
The form in which benefits may be cashed under this regulation is any one or more of the following forms:


(a) in respect of each person to whom benefits are cashed:


(i) a single lump sum; or

(ii) an interim lump sum (not exceeding the amount of the benefits ascertained at the date of the 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);


(b) subject to subregulations (2A) and (2B):


(i) 1 or more pensions, each of which is a superannuation income stream that is in the retirement phase;

(ii) the purchase of 1 or more annuities, each of which is a superannuation income stream that is in the retirement phase.


(c) (Repealed by SLI No 74 of 2007)

6.21(2A)  


If a member dies on or after 1 July 2007, subparagraphs (2)(b)(i) and (ii) apply to an entitled recipient only if, at the time of the member ' s death, the entitled recipient:


(a) is a dependant of the member; and


(b) in the case of a child of the member:


(i) is less than 18 years of age; or

(ii) being 18 or more years of age:

(A) is financially dependent on the member and less than 25 years of age; or

(B) has a disability of the kind described in subsection 8(1) of the Disability Services Act 1986 .

6.21(2B)  


If benefits in relation to a deceased member are being paid to a child of the deceased member in the form of a pension or an annuity in accordance with subregulation (2A), the benefits must be cashed as a lump sum on the earlier of:


(a) the day on which the annuity or pension is commuted, or the term of the annuity or pension expires (unless the benefit is rolled over to commence a new annuity or pension); and


(b) the day on which the child attains age 25;

unless the child has a disability of the kind described in subsection 8(1) of the Disability Services Act 1986 on the day that would otherwise be applicable under paragraph (2B)(a) or (b).

6.21(3)  


For the purposes of subregulation (1), it is sufficient if, instead of being cashed, the benefits are rolled over as soon as practicable for immediate cashing.

6.21(3A)  
(Repealed by SLI No 74 of 2007)

6.21(4)  
(Repealed by SLI No 74 of 2007)

6.21(5)  
(Repealed by SLI No 74 of 2007)

6.21(6)  
(Repealed by SLI No 74 of 2007)




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