Retirement Savings Accounts Amendment Regulations 2004 (No. 5)

(403 of 2004)

16 December 2004

Retirement Savings Accounts Act 1997

1   Name of Regulations

These Regulations are the Retirement Savings Accounts Amendment Regulations 2004 (No. 5).

2   Commencement

These Regulations are taken to have commenced on 20 September 2004.

3   Amendment of Retirement Savings Accounts Regulations 1997

Schedule 1 amends the Retirement Savings Accounts Regulations 1997, as amended by the Retirement Savings Accounts Amendment Regulations 2004 (No. 2).

Schedule 1   Amendment

[1]   After paragraph 1.08 (2) (b)

insert

(ba) for a commutation in part - the account balance of the pension, immediately after the commutation in part, would be equal to or would exceed the total payment amount calculated in accordance with Schedule 4, as reduced by the amount of income payments already made in the financial year in which the commutation in part would occur; or