Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS  

Division 6.3 - Cashing of benefits  

Subdivision 6.3.2 - Approved deposit funds  

REGULATION 6.23   VOLUNTARY CASHING OF PRESERVED BENEFITS IN APPROVED DEPOSIT FUNDS  

6.23(1)   [Conditions for cashing benefits]  

Subject to regulation 6.27 , a member's preserved benefits in an approved deposit fund may be cashed on or after the satisfaction by the member of a condition of release.

Note:

For conditions of release for temporary residents, see regulation 6.01B .

6.23(2)   [Amount that may be cashed]  

The amount of preserved benefits that may be cashed in accordance with subregulation (1) must not exceed the amount of:

(a) the preserved benefits of the member that had accrued at the time when the member satisfied the condition of release; and

(b) before 1 July 1999 - any investment earnings accruing on those benefits from the time when the member satisfied the condition of release.

6.23(3)   [Form in which benefits may be cashed]  

Subject to subregulation (4), the form in which preserved benefits may be cashed under this regulation is:

(a) the form (if any) specified in the cashing restriction for preserved benefits set out in Schedule 1 in relation to the relevant condition of release; or

(b) if that cashing restriction is ' Nil ' - a lump sum or 2 or more lump sums.

6.23(4)   [Benefits cashed in a lump sum]  

A lump sum mentioned in paragraph (3)(b) must be payable not later than the time for the payment of a lump sum mentioned in subregulation 6.25(2) .