Superannuation Industry (Supervision) Regulations 1994
Subject to subregulation (3) , a member ' s benefits in a regulated superannuation fund must be cashed as soon as practicable after the member dies.
View history note
Hide history note6.21(1A)
(Repealed by SLI No 74 of 2007)
[ CCH Note: MODIFICATION DECLARATION No 24 states that subregulations 6.21(1) and 6.21(1A) of the Regulations are to have effect in relation to trustees and members of superannuation entities as if they were modified by inserting after subregulation 6.21(1A) :
]
(1B)
During the period 1 July 2004 to 30 June 2005, the benefits of a member (including a member ' s post-65 employer-financed benefits) are not required to be cashed in accordance with paragraph 6.21(1)(a) or 6.21(1A)(a) .
(1C)
A trustee ' s failure to cash a member ' s benefits (including a member ' s post-65 employer-financed benefits) in accordance with paragraph 6.21(1)(a) or 6.21(1A)(a) during the period 1 July 2004 to the date of commencement of Modification Declaration No 24 is not a breach of those paragraphs.This Declaration commences on the date it is signed.
Dated 2 May 2005
Interpretation
In this Declaration
Act means the Superannuation Industry (Supervision) Act 1993 .
APRA means the Australian Prudential Regulation Authority.
Regulations means the Superannuation Industry (Supervision) Regulations 1994 .
[ Modification declaration No 3 of 2006 (No 3 of 2006, registered on and effective from 30 June 2006).
Regulation 6.21 is to have effect in relation to trustees and members of superannuation entities as if it was modified, by inserting after subregulation 6.21(1C) (as inserted by Modification Declaration No 24):
]
6.21(1D)
During the period 10 May 2006 to 30 June 2007:
(i) a member ' s benefits in a regulated superannuation fund (other than the member ' s post-65 employer-financed benefits) are not required to be cashed in accordance with paragraphs 6.21(1)(a), 6.21(1)(b) or 6.21(1)(c); and
(ii) a member ' s post-65 employer-financed benefits are not required to be cashed in accordance with paragraphs 6.21(1A)(a) or 6.21(1A)(b).
6.21(1E)
The cashing of a member ' s benefits (including the member ' s post-65 employer-financed benefits) by a trustee during the period 10 May 2006 to the date of registration of this modification declaration is not a breach of regulation 6.21 as modified.
6.21(2)
The form in which benefits may be cashed under this regulation is any one or more of the following forms: (a) in respect of each person to whom benefits are cashed:
(i) a single lump sum; or
(aa) a series of payments, each of which is a payment of a superannuation lump sum mentioned in paragraph 301-275(1)(b) of the 1997 Tax Act; (b) subject to subregulations (2A) and (2B) :
(ii) an interim lump sum (not exceeding the amount of the benefits ascertained at the date of the event mentioned in subregulation (1) ) and a final lump sum (not exceeding the balance of the benefits as finally ascertained in relation to the event);
(i) 1 or more pensions, each of which is a superannuation income stream that is in the retirement phase;
(ii) the purchase of 1 or more annuities, each of which is a superannuation income stream that is in the retirement phase.
(c) (Repealed by SLI No 74 of 2007)
6.21(2A)
If a member dies on or after 1 July 2007, subparagraphs (2)(b)(i) and (ii) apply to an entitled recipient only if, at the time of the member ' s death, the entitled recipient: (a) is a dependant of the member; and (b) in the case of a child of the member:
(i) is less than 18 years of age; or
(ii) being 18 or more years of age:
(A) is financially dependent on the member and less than 25 years of age; or
(B) has a disability of the kind described in subsection 8(1) of the Disability Services Act 1986 .
6.21(2B)
If benefits in relation to a deceased member are being paid to a child of the deceased member in the form of a pension or an annuity in accordance with subregulation (2A) , the benefits must be cashed as a lump sum on the earlier of: (a) the day on which the annuity or pension is commuted, or the term of the annuity or pension expires (unless the benefit is rolled over to commence a new annuity or pension); and (b) the day on which the child attains age 25;
unless the child has a disability of the kind described in subsection 8(1) of the Disability Services Act 1986 on the day that would otherwise be applicable under paragraph (2B)(a) or (b) .
6.21(3)
For the purposes of subregulation (1) , it is sufficient if, instead of being cashed, the benefits are rolled over as soon as practicable for immediate cashing.
6.21(3A)
(Repealed by SLI No 74 of 2007)
6.21(4)
(Repealed by SLI No 74 of 2007)
6.21(5)
(Repealed by SLI No 74 of 2007)
6.21(6)
(Repealed by SLI No 74 of 2007)
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