Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS  

Division 6.3 - Cashing of benefits  

Subdivision 6.3.1 - Regulated superannuation funds  

REGULATION 6.20   VOLUNTARY CASHING OF UNRESTRICTED NON-PRESERVED BENEFITS IN REGULATED SUPERANNUATION FUNDS  

6.20(1)   [Benefits may be cashed any time]  

A member ' s unrestricted non-preserved benefits in a regulated superannuation fund may be cashed at any time.

6.20(2)   [Amount that may be cashed]  

The amount of unrestricted non-preserved benefits that may be cashed in accordance with subregulation (1) is the whole or part of the member ' s unrestricted non-preserved benefits in the fund.

6.20(3)   [Form in which benefits may be cashed]  

Subject to subregulation (4), the form in which unrestricted non-preserved benefits may be cashed under this regulation is, unless the cashing occurs in consequence of the death of the member, any one or more of the following forms:

(a) one or more lump sums;

(b) one or more pensions;

(c) the purchase of one or more annuities.

Note: For the cashing requirement applying on the death of the member, see regulation 6.21 .

6.20(4)   [Benefits cashed in a lump sum]  

A lump sum mentioned in paragraph (3)(a) must be payable not later than the time for the payment of a lump sum mentioned in paragraph 6.21(2)(a) .