Superannuation Industry (Supervision) Regulations 1994
PART 6
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PAYMENT STANDARDS
Division 6.3
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Cashing of benefits
Subdivision 6.3.1
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Regulated superannuation funds
REGULATION 6.22A
PRIORITY IN CASHING BENEFITS IN CERTAIN CASES
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REGULATED SUPERANNUATION FUNDS
6.22A(1)
[Cashing restriction in condition of release]
(a) a member of the fund has satisfied a condition of release; and
(b) there is a cashing restriction (other than a ' nil ' restriction) in respect of that condition. 6.22A(2) [Order of priority]
(a) first - to unrestricted non-preserved benefits;
(b) second - to restricted non-preserved benefits;
(c) third - to preserved benefits.
This regulation applies to a trustee of a regulated superannuation fund if:
(a) a member of the fund has satisfied a condition of release; and
(b) there is a cashing restriction (other than a ' nil ' restriction) in respect of that condition. 6.22A(2) [Order of priority]
In cashing benefits in accordance with the restriction, the trustee must give priority to benefits in the following order:
(a) first - to unrestricted non-preserved benefits;
(b) second - to restricted non-preserved benefits;
(c) third - to preserved benefits.
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