Commonwealth Numbered Regulations

1997 No. 116 RETIREMENT SAVINGS ACCOUNTS REGULATIONS - REG 4.21

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

(2) 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)  the amount of any investment earnings accruing on those benefits from
        that time.

(3) Subject to subregulation (4), the form in which preserved benefits may be
cashed under this regulation is:

   (a)  the form (if any) specified in the cashing restriction for preserved
        benefits set out in Schedule 2 in relation to the relevant condition
        of release; or

   (b)  if that cashing restriction is "Nil" - any one or more of the
        following forms:

        (i)    a lump sum or 2 or more lump sums;

        (ii)   a pension or 2 or more pensions;

        (iii)  the purchase of an annuity or 2 or more annuities.

(4) 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).