Retirement Savings Accounts Regulations 1997

PART 4 - PAYMENT STANDARDS  

Division 4.3 - Cashing of benefits  

REGULATION 4.21   VOLUNTARY CASHING OF PRESERVED BENEFITS  

4.21(1)   [ Condition for cashing benefits]  

The preserved benefits of an RSA holder may be cashed on or after the satisfaction by the RSA holder of a condition of release.

Note:

For conditions of release for temporary residents, see regulation 4.01B .

4.21(2)   [ Amount that may be cashed]  

The amount of preserved benefits that may be cashed in accordance with subregulation (1) must not exceed the sum of:

(a) the amount of preserved benefits of the RSA holder that had accrued at the time when the RSA holder satisfied the condition of release; and

(b) before 1 July 1999 - the amount of any investment earnings accruing on those benefits from the time when the RSA holder satisfied the condition of release.

4.21(3)   [ Form in which benefits may be cashed]  

Subject to subregulation (4), the form in which preserved benefits may be cashed under this regulation is, unless the satisfied condition of release is the death of the RSA holder:

(a) a form (if any) specified in Schedule 2 as a cashing restriction relating to the condition of release; or

(b) if the specified cashing restriction is 'Nil ' - any 1 or more of the following forms:

(i) 1 or more lump sums;

(ii) 1 or more pensions;

(iii) the purchase of 1 or more annuities under the SIS Regulations.

Note:

For the cashing requirement applying on the death of the RSA holder, see regulation 4.24 .

4.21(4)   [ Benefits cashed in a lump sum]  

A lump sum mentioned in subparagraph (3)(b)(i) must be payable not later than the time for the payment of a lump sum mentioned in paragraph 4.24(3)(a) .