Retirement Savings Accounts Regulations 1997

PART 4 - PAYMENT STANDARDS  

Division 4.1 - Introductory  

Subdivision 4.1.5 - Miscellaneous  

REGULATION 4.17B   INVESTMENT EARNINGS TAKEN TO BE UNRESTRICTED NON-PRESERVED BENEFITS  

4.17B(1)   [Non-commutable life pensions]  

An investment earning in relation to a benefit of any kind is an unrestricted non-preserved benefit on a day if:

(a) the benefit was cashed, before that day, in the form of a non-commutable life pension; and

(b) for a benefit that was commenced under the condition of release mentioned in item 108B of Schedule 2, 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

(c) the pension commenced to be paid before that day.

4.17B(2)   [Non-commutable life annuities]  

An investment earning in relation to a benefit of any kind is an unrestricted non-preserved benefit on a day if:

(a) the benefit was cashed, before that day, in the form of a non-commutable life annuity; and

(b) for a benefit that was commenced under the condition of release mentioned in item 108B of Schedule 2, the annuitant has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non-preserved benefits is `Nil'; and

(c) the annuity commenced to be paid before that day.

4.17B(3)   [Pensions]  

An investment earning in relation to a benefit is an unrestricted non-preserved benefit on a day if:

(a) the benefit is an unrestricted non-preserved benefit; and

(b) the benefit was cashed, before that day, in the form of a pension; and

(c) for a benefit that was commenced under the condition of release mentioned in item 108B of Schedule 2, 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

(d) the pension commenced to be paid before that day.

4.17B(4)   [Annuities]  

An investment earning in relation to a benefit is an unrestricted non-preserved benefit on a day if:

(a) the benefit is an unrestricted non-preserved benefit; and

(b) the benefit was cashed, before that day, in the form of an annuity; and

(c) for a benefit that was commenced under the condition of release mentioned in item 108B of Schedule 2, the annuitant has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non-preserved benefits is `Nil'; and

(d) the annuity commenced to be paid before that day.