Retirement Savings Accounts Amendment Regulations 2007 (No. 1) (104 of 2007)

Schedule 3   Amendments commencing on 1 July 2007

[25]   Subregulation 4.21 (3)

substitute

(3) Subject to subregulation (4), the form in which 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.

Note For the cashing requirement applying on the death of the RSA holder, see regulation 4.24.