Retirement Savings Accounts Amendment Regulations 2000 (No. 1)

(279 of 2000)

18 October 2000

Made under Retirements Savings Accounts Act 1997

1   Name of Regulations

These Regulations are the Retirement Savings Accounts Amendment Regulations 2000 (No. 1).

2   Commencement

These Regulations commence, or are taken to have commenced, as follows:

(a) on gazettal - regulations 1 to 3;

(b) on 1 July 1999 - Schedule 1.

3   Amendment of Retirement Savings Accounts Regulations 1997

Schedule 1 amends the Retirement Savings Accounts Regulations 1997.

Schedule 1   Amendment taken to have commenced on 1 July 1999

[1]   After regulation 4.17A

insert

4.17B Investment earnings taken to be unrestricted non-preserved benefits

(1) 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) the pension has commenced to be paid before that day.

(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 annuity; and

(b) the annuity has commenced to be paid before that day.

(3) 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) the pension has commenced to be paid before that day.

(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 an annuity; and

(c) the annuity has commenced to be paid before that day.