Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS  

Division 6.3 - Cashing of benefits  

Subdivision 6.3.1 - Regulated superannuation funds  

REGULATION 6.18   VOLUNTARY CASHING OF PRESERVED BENEFITS IN REGULATED SUPERANNUATION FUNDS  

6.18(1)   [Condition for cashing benefits]  

A member's preserved benefits in a regulated superannuation 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 .

6.18(2)   [Amount that may be cashed]  

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

(a) the amount of 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 - the amount of any investment earnings accruing on those benefits from the time when the member satisfied the condition of release.

6.18(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, unless the satisfied condition of release is the death of the member:

(a) a form (if any) specified in Schedule 1 as a cashing restriction relating to the condition of release; or

(b) if the specified cashing restriction is ' Nil ' - any 1 or more of the following forms:

(i) 1 or more lump sums;

(ii) 1 or more pensions;

(iii) the purchase of 1 or more annuities.

Note: For the cashing requirement applying on the death of the member, see regulation 6.21 .

6.18(4)   [Benefits cashed in a lump sum]  

A lump sum mentioned in subparagraph (3)(b)(i) must be payable not later than the time for the payment of a lump sum mentioned in paragraph 6.21(2)(a) .