Retirement Savings Accounts Regulations 1997

PART 4 - PAYMENT STANDARDS  

Division 4.3 - Cashing of benefits  

REGULATION 4.23   VOLUNTARY CASHING OF UNRESTRICTED NON-PRESERVED BENEFITS  

4.23(1)   [Condition for cashing benefits]  

The unrestricted non-preserved benefits of an RSA holder may be cashed at any time.

4.23(2)   [Amount that may be cashed]  

The amount of unrestricted non-preserved benefits that may be cashed in accordance with subregulation (1) is the whole or part of the RSA holder's unrestricted non-preserved benefits.

4.23(3)   [Form in which benefits may be cashed]  

Subject to subregulation (4), the form in which unrestricted non-preserved benefits may be cashed under this regulation is, unless the cashing occurs in consequence of the death of the RSA holder, any 1 or more of the following forms:

(a) 1 or more lump sums;

(b) 1 or more pensions;

(c) 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 .

4.23(4)   [Benefits cashed in a lump sum]  

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