Retirement Savings Accounts Regulations (Amendment) 1998 (82 of 1998)

5.   New regulation 4.17A

5.1 After regulation 4.17, insert:

When benefits rolled over or transferred are unrestricted non-preserved benefits

" 4.17A. Benefits rolled over or transferred to an RSA are unrestricted non-preserved benefits if:

(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'.".