Retirement Savings Accounts Regulations 1997

PART 4 - PAYMENT STANDARDS  

Division 4.1 - Introductory  

Subdivision 4.1.5 - Miscellaneous  

REGULATION 4.18   REDISTRIBUTION OF BENEFITS BY OPERATION OF TERMS AND CONDITIONS OR ACTION OF RSA PROVIDER  

4.18(1)   [Categories of benefits]  

For the purpose of subregulation (2), the following are categories of benefits of an RSA holder:

(a) preserved benefits, as defined by Subdivision 4.1.2 ;

(b) restricted non-preserved benefits, as defined by Subdivision 4.1.3 ;

(c) unrestricted non-preserved benefits, as defined by Subdivision 4.1.4 .

4.18(2)   [Limits to effects on member's benefits]  

For the purposes of this Part, the terms and conditions of an RSA, or the RSA provider, may alter the category of any benefits but, subject to subregulation (3), not so as to:

(a) decrease the amount of the RSA holder's preserved benefits in the RSA; or

(b) increase the amount of the RSA holder's unrestricted non-preserved benefits in the RSA.

4.18(3)   [Trustee may alter category of benefits]  

The RSA provider may alter the category of benefits from preserved benefits or restricted non-preserved benefits to unrestricted non-preserved benefits if, before the commencement of regulation 4.17A :

(a) the benefits were rolled over or transferred from:

(i) a superannuation fund ( Fund A ) during its transitional period; or

(ii) a regulated superannuation fund or an approved deposit fund to which the benefits were rolled over or transferred from a superannuation fund ( Fund B ) during its transitional period; and

(b) the RSA provider is reasonably satisfied that:

(i) during the transitional period of Fund A or Fund B, there arose in relation to the benefits a circumstance that would have resulted in the satisfaction of a condition of release and a ``Nil'' cashing restriction if the SIS Regulations applied; or

(ii) before the benefits were rolled over or transferred to Fund A or Fund B from a regulated superannuation fund or an approved deposit fund, the relevant cashing restriction set out in Schedule 1 of the SIS Regulations in respect of the benefits was ``Nil''.