OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART II - SUPERANNUATION FUNDS  

Division 1 - General  

REGULATION 5AC   STANDARDS: AGES FOR PAYMENT OF BENEFITS  

5AC(1)   [ Prescribed standards ]  

For the purposes of subsection 7(1) of the Act, the standards in subregulations (2), (3) and (4) are prescribed.

5AC(2)   [ Members of superannuation fund ]  

Subject to subregulations (3) and (4), benefits arising from a superannuation fund that are payable to a member:

(a) who:

(i) is gainfully employed but not employed part time or full time; or

(ii) is not gainfully employed but has not retired from the workforce;

must:

(iii) if the benefit is a pension, commence to be paid; and

(iv) if the benefit is a lump sum, be paid;

at age 65 or, if contributions are accepted in accordance with these regulations in respect of the member after the member has reached age 65, at the time those contributions properly cease to be accepted;

(b) who is employed part time may:

(i) if the benefit is a pension, commence to be paid; and

(ii) if the benefit is a lump sum, be paid;

on or after age 65;

(c) who is employed part time must:

(i) if the benefit is a pension, commence to be paid; and

(ii) if the benefit is a lump sum, be paid;

at age 70;

(d) who is employed full time may:

(i) if the benefit is a pension, commence to be paid; and

(ii) if the benefit is a lump sum, be paid;

on or after age 65;

(e) who retires from the workforce must, subject to subparagraph 11(1)(a)(ii) :

(i) if the benefit is a pension, commence to be paid; and

(ii) if the benefit is a lump sum, be paid;

when the member so retires.

5AC(3)   [ Member of former sec 23(ja) fund ]  

Benefits arising from a superannuation fund of a kind referred to in paragraph 23(ja) of the Tax Act as in force immediately before the commencement of section 7 of the Taxation Laws Amendment Act (No. 4) 1987 that are payable to a person who is on 1 July 1991 a member of the fund must:

(a) if the benefit is a pension, commence to be paid; and

(b) if the benefit is a lump sum, be paid;

when the person reaches:

(c) age 75; or

(d) an earlier retirement age, not earlier than age 55, nominated by the person in writing.

5AC(4)   [ Member of former sec 23F fund ]  

Benefits arising from a superannuation fund of a kind referred to in section 23F of the Tax Act as in force immediately before the commencement of section 8 of the Taxation Laws Amendment Act (No. 4) 1987 that are payable to a member who reached age 65 before 1 July 1990:

(a) may:

(i) if the benefit is a pension, commence to be paid; and

(ii) if the benefit is a lump sum, be paid; and

(b) must:

(i) if the benefit is a pension, commence to be paid; and

(ii) if the benefit is a lump sum, be paid;

when the person retires from the workforce.