Commonwealth Numbered Regulations

1997 No. 116 RETIREMENT SAVINGS ACCOUNTS REGULATIONS - REG 4.22

4.22. (1) The restricted non-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 restricted non-preserved benefits that may be cashed in
accordance with subregulation (1) must not exceed the amount of:

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

   (b)  any investment earnings accruing on those benefits from that time.

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

   (a)  the form (if any) specified in the cashing restriction for restricted
        non-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).