Superannuation Industry (Supervision) Regulations 1994
SCHEDULE 1
CONDITIONS OF RELEASE OF BENEFITS
(Subregulations 1.03AB(2) and 6.01(2) , regulation 6.01A, paragraphs 6.15A(1)(a) and (b) , (2)(b) , (3)(b) , (4)(c) and (5)(c) , subparagraph 6.16(3)(b)(ii) and paragraphs 6.18(3)(a) , 6.19(3)(a) , 6.23(3)(a) and 7A.01A(a) and (c) )
| Column 1 | Column 2 | Column 3 | ||
| Item | Conditions of release | Cashing restrictions | ||
| 101 | Retirement | Nil | ||
| 102 | Death | Nil | ||
| 102A | Terminal medical condition | Nil | ||
| 103 | Permanent incapacity | Nil | ||
| 103A | Former temporary resident to whom regulation 6.20A or 6.20B applies, requesting in writing the release of his or her benefits | Amount that is at least the amount of the temporary resident ' s withdrawal benefit in the fund, paid: | ||
| (a) | as a single lump sum; or | |||
| (b) | if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits - in a way that ensures that the amount is cashed | |||
| 103B | The trustee is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 , or may pay an amount to the Commissioner of Taxation under Part 3D of that Act, for the person ' s superannuation interest in the fund | Amount that the trustee is required to pay to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 , or may pay to the Commissioner of Taxation under Part 3D of that Act, for the person ' s superannuation interest in the fund, paid as a lump sum to the Commissioner | ||
| 104 | Termination of gainful employment with a standard employer-sponsor of the regulated superannuation fund on or after 1 July 1997 (where the member ' s preserved benefits in the fund at the time of the termination are less than $200) | Nil | ||
| 105 | Severe financial hardship | For a person taken to be in severe financial hardship under paragraph 6.01(5)(a) - in each 12 month period (beginning on the date of first payment), a single lump sum not less than $1,000 (except if the amount of the person ' s preserved benefits and restricted non-preserved benefits is less than that amount) and not more than $10,000 | ||
| For a person taken to be in severe financial hardship under paragraph 6.01(5)(b) - Nil. | ||||
| 106 | Attaining age 65 | Nil | ||
| 107 | The Regulator has determined under subregulation 6.19A(2) that a specified amount of benefits in the regulated superannuation fund may be released on a compassionate ground | A single lump sum, not exceeding an amount determined, in writing, by the Regulator, being an amount that: | ||
| (a) | taking account of the ground and of the person ' s financial capacity, is reasonably required; and | |||
| (b) | in the case of the ground mentioned in paragraph 6.19A(1)(b) - in each 12 month period (beginning on the date of first payment), does not exceed an amount equal to the sum of: | |||
| (i) | 3 months ' repayments; and | |||
| (ii) | 12 months ' interest on the outstanding balance of the loan | |||
| 107A | The Regulator has determined under subregulation 6.19B(3) (about coronavirus) that a specified amount of benefits in the regulated superannuation fund may be released on a compassionate ground | A single lump sum, not exceeding the amount determined, in writing, by the Regulator in relation to the fund | ||
| 108 | Termination of gainful employment with an employer who had, or any of whose associates had, at any time, contributed to the regulated superannuation fund in relation to the member | 1. Preserved benefits: Non-commutable life pension or non-commutable life annuity
2. Restricted non-preserved benefits: Nil |
||
| 109 | Temporary incapacity | A non-commutable income stream cashed from the regulated superannuation fund for: | ||
| (a) | the purpose of continuing (in whole or part) the gain or reward which the member was receiving before the temporary incapacity; and | |||
| (b) | a period not exceeding the period of incapacity from employment of the kind engaged in immediately before the temporary incapacity | |||
| 109A | For acquiring a superannuation interest (within the meaning of the 1997 Tax Act) that supports a deferred superannuation income stream to be provided under a contract or rules that meet the standards of subregulation 1.06A(2) | The restrictions contained in paragraph 1.06A(3)(e) | ||
| 110 | Attaining preservation age | Any of the following: | ||
| (a) | a transition to retirement income stream; | |||
| (b) | a non-commutable allocated annuity; | |||
| (c) | a non-commutable allocated pension; | |||
| (d) | a non-commutable annuity; | |||
| (e) | a non-commutable pension | |||
| 111 | Being a lost member who is found, and the value of whose benefit in the fund, when released, is less than $200 | Nil | ||
| 111A | The Commissioner of Taxation gives a superannuation provider a release authority under Division 131 in Schedule 1 to the Taxation Administration Act 1953 | The restrictions contained in sections 131-35 and 131-40 in that Schedule | ||
| 111B | A person gives a superannuation provider a release authority under section 135-40 in Schedule 1 to the Taxation Administration Act 1953 | The restrictions contained in sections 135-75 and 135-85 in that Schedule | ||
| 111C - 12A | (Repealed by FRLI No F2017L00321) | |||
| 113 | A person gives a transitional release authority to a superannuation provider under section 292-80B of the Income Tax (Transitional Provisions) Act 1997 | Restrictions contained in subsections 292-80C(1) and (2) of the Income Tax (Transitional Provisions) Act 1997 | ||
| 113A | A former resident of Australia has:
(a) moved permanently to New Zealand; and (b) nominated a provider of a KiwiSaver Scheme for the purposes of this item |
Amount that is at least the amount of the former resident ' s withdrawal benefit in the fund, paid: | ||
| (a) | as a single lump sum; or | |||
| (b) | if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits - in a way that ensures that the amount is cashed | |||
| 114 | Any other condition, if expressed to be a condition of release, in an approval under subparagraph 62(1)(b)(v) of the Act | Restrictions expressed in the approval to be cashing restrictions applying to the condition of release |
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| Column 1 | Column 2 | Column 3 | ||
| Item no. | Conditions of release | Cashing restrictions | ||
| 201 | Retirement | Nil | ||
| 202 | Death | Nil | ||
| 202A | Terminal medical condition | Nil | ||
| 203 | Permanent incapacity | Nil | ||
| 204 | Former temporary resident to whom regulation 6.24A applies, requesting in writing the release of his or her benefits | Amount that is at least the amount of the temporary resident ' s withdrawal benefit in the fund, paid: | ||
| (a) | as a single lump sum; or | |||
| (b) | if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits - in a way that ensures that the amount is cashed | |||
| 204A | The trustee is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 , or may pay an amount to the Commissioner of Taxation under Part 3D of that Act, for the person ' s superannuation interest in the fund | Amount that the trustee is required to pay to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999 , or may pay to the Commissioner of Taxation under Part 3D of that Act, for the person ' s superannuation interest in the fund, paid as a lump sum to the Commissioner | ||
| 205 | Severe financial hardship | For a person taken to be in severe financial hardship under paragraph 6.01(5)(a)
-
in each 12 month period (beginning on the date of first payment), a single lump sum not less than $1,000 (except if the amount of the person
'
s preserved benefits and restricted non-preserved benefits is less than that amount) and not more than $10,000
For a person taken to be in severe financial hardship under paragraph 6.01(5)(b) - Nil |
||
| 206 | Attaining age 65 | Nil | ||
| 207 | The Regulator has determined under subregulation 6.19A(2) that a specified amount of benefits in the approved deposit fund may be released on a compassionate ground | A single lump sum, not exceeding the amount determined, in writing, by the Regulator, being an amount that: | ||
| (a) | taking account of the ground and of the person ' s financial capacity, is reasonably required; and | |||
| (b) | in the case of the ground mentioned in paragraph 6.19A(1)(b) - in each 12 month period (beginning on the date of first payment), does not exceed an amount equal to the sum of: | |||
| (i) | 3 months ' repayments; and | |||
| (ii) | 12 months ' interest on the outstanding balance of the loan. | |||
| 207A | For acquiring a superannuation interest (within the meaning of the 1997 Tax Act) that supports a deferred superannuation income stream to be provided under a contract or rules that meet the standards of subregulation 1.06A(2) | The restrictions contained in paragraph 1.06A(3)(e) | ||
| 207AA | The Regulator has determined under subregulation 6.19B(3) (about coronavirus) that a specified amount of benefits in the approved deposit fund may be released on a compassionate ground | A single lump sum, not exceeding the amount determined, in writing, by the Regulator in relation to the fund | ||
| 208 | Attaining preservation age | Any of the following: | ||
| (a) | a transition to retirement income stream; | |||
| (b) | a non-commutable allocated annuity; | |||
| (c) | a non-commutable allocated pension; | |||
| (d) | a non-commutable annuity; | |||
| (e) | a non-commutable pension | |||
| 208A | The Commissioner of Taxation gives a superannuation provider a release authority under Division 131 in Schedule 1 to the Taxation Administration Act 1953 | The restrictions contained in sections 131-35 and 131-40 in that Schedule | ||
| 208B | A person gives a superannuation provider a release authority under section 135-40 in Schedule 1 to the Taxation Administration Act 1953 | The restrictions contained in sections 135-75 and 135-85 in that Schedule | ||
| 208C - 209A | (Repealed by FRLI No F2017L00321) | |||
| 210 | A person gives a transitional release authority to a superannuation provider under section 292-80B of the Income Tax (Transitional Provisions) Act 1997 | Restrictions contained in subsections 292-80C(1) and (2) of the Income Tax (Transitional Provisions) Act 1997 | ||
| 211 | Being a lost member who is found, and the value of whose benefit in the fund, when released, is less than $200 | Nil |
Note: The definitions set out in subregulation 6.01(2) apply, unless they are immaterial or expressed not to apply, to Schedule 1; see that subregulation.
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