Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS  

Division 6.3 - Cashing of benefits  

Subdivision 6.3.2 - Approved deposit funds  

REGULATION 6.25   COMPULSORY CASHING OF BENEFITS IN APPROVED DEPOSIT FUNDS  

6.25(1)   [Death]  

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

6.25(2)   [Form in which benefits may be cashed]  

The form in which benefits may be cashed under this regulation is, in respect of each person to whom benefits are cashed:


(a) a single lump sum; or


(b) an interim lump sum (not exceeding the amount of the benefits ascertained at the date of an 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).

6.25(3)   [Benefits rolled over]  

Subregulation (1) is satisfied if, instead of being cashed, the benefits are rolled over as soon as practicable for immediate cashing.


 

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