Commonwealth Numbered Regulations

1997 No. 116 RETIREMENT SAVINGS ACCOUNTS REGULATIONS - REG 4.24

4.24. (1) Subject to regulation (4), the benefits of an RSA holder (other than
the RSA holder's post-65 employer-financed benefits) must be cashed as soon as
practicable after the occurrence of any of the following events:

   (a)  where:

        (i)    the RSA holder has reached age 65 but not age 70; and

        (ii)   the RSA holder is not gainfully employed on either a full- time
               or part-time basis;

   (b)  where:

        (i)    the RSA holder has reached age 70; and

        (ii)   the RSA holder is not gainfully employed on a full-time basis;

   (c)  the RSA holder dies.

(2) Subject to subregulation (4), the post-65  employer-financed benefits of
an RSA holder must be cashed as soon as practicable after the occurrence of
any of the following events:

   (a)  where:

        (i)    the RSA holder has reached age 65 but not age 70; and

        (ii)   the RSA holder is not gainfully employed on either a full- time
               or part-time basis; and

        (iii)  mandated employer contributions have ceased to be made, and are
               not liable to be made, in respect of the RSA holder to:

                (A)  the RSA; or

                (B)  another RSA; or

                (C)  a regulated superannuation fund;

   (b)  where:

        (i)    the RSA holder has reached age 70; and

        (ii)   the RSA holder is not gainfully employed on a full-time basis;
               and

        (iii)  mandated employer contributions have ceased to be made, and are
               not liable to be made, in respect of the RSA holder to:

                (A)  the RSA; or

                (B)  another RSA; or

                (C)  a regulated superannuation fund;

   (c)  where the RSA holder dies.

(3) The form in which benefits may be cashed under this regulation is any one
or more of the following forms:

   (a)  a single lump sum in respect of each person to whom benefits are
        cashed;

   (b)  a pension or 2 or more pensions;

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

(4) For the purposes of subregulations (1) and (2), it is sufficient if,
instead of being cashed, the benefits are rolled over as soon as practicable
for immediate cashing.

(5) In this regulation and in regulation 4.25:

"post-65 employer-financed benefits", in relation to an RSA holder as at a
particular date, means the sum of:

   (a)  the amount of the mandated employer contributions made to the RSA in
        respect of the RSA holder in respect of the period commencing when the
        RSA holder reached age 65 and ending on that date; and

   (b)  the amount of the mandated employer contributions made to another RSA
        or to a regulated superannuation fund in respect of the RSA holder in
        respect of that period, if the benefits arsing in respect of those
        contributions were transferred or rolled over to the RSA during that
        period; and

   (c)  the amount of the investment earnings on those amounts during that
        period; less the costs applicable to those amounts during that period.