Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS  

Division 6.1 - Introductory  

Subdivision 6.1.5 - Miscellaneous  

REGULATION 6.15A   CERTAIN BENEFITS TAKEN TO BE UNRESTRICTED NON-PRESERVED BENEFITS  

6.15A(1)    
Benefits in a fund are unrestricted non-preserved benefits if:

(a) during the transitional period of the fund, 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 these regulations applied; or

(b) both:

(i) the benefits were rolled over or transferred to the fund from:

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

(B) 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

(ii) the trustee is reasonably satisfied that:

(A) 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 these regulations applied; or

(B) 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 in respect of the benefits was ' Nil ' .

6.15A(2)    
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 110 or 208 of Schedule 1 , 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.

6.15A(3)    
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 110 or 208 of Schedule 1 , 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.

6.15A(4)    
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 110 or 208 of Schedule 1 , 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.

6.15A(5)    
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 110 or 208 of Schedule 1 , 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.