Retirement Savings Accounts Amendment Regulations 2008 (No. 1) (8 of 2008)

Schedule 1   Amendments

[4]   Subregulation 4.01 (2), definition of transition to retirement pension, paragraph (b)

substitute

(b) allow total payments (excluding payments by way of commutation, but including payments under a payment split) made in a financial year to amount to no more than 10% of the pension account balance:

(i) on 1 July in the financial year in which the payment is made; or

(ii) if that year is the year in which the pension commences - on the commencement day;

unless the pensioner has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non-preserved benefits is 'Nil'; and