Coronavirus Economic Response Package Omnibus Act 2020 (22 of 2020)

Schedule 13   Early release of superannuation

Retirement Savings Accounts Regulations 1997

4   At the end of Division 4.2 of Part 4

Add:

4.20B Benefits to be paid as soon as practicable where member satisfies compassionate ground relating to coronavirus

(1) This regulation applies if:

(a) the Regulator has determined under subregulation 4.22B(3) (about coronavirus) that a specified amount of benefits in an RSA may be released on a compassionate ground; and

(b) the RSA provider receives from the Regulator a copy of the determination as referred to in subregulation 4.22B(6).

Note: See item 109AA of Schedule 2.

(2) The RSA provider must pay the benefits to the RSA holder as soon as practicable after the RSA provider receives the copy of the determination, without requiring any additional application from the RSA holder.