Retirement Savings Accounts Amendment Regulations 2007 (No. 1) (104 of 2007)

Schedule 3   Amendments commencing on 1 July 2007

[26]   Subregulation 4.22 (3)

substitute

(3) Subject to subregulation (4), the form in which restricted non-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.