Commonwealth Numbered Regulations

1994 No. 189 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS (AMENDMENT) - REG 23

23.1 After regulation 6.22, insert:

Priority in cashing benefits in certain cases-regulated superannuation funds

"6.22A. (1) This regulation applies to a trustee of a regulated superannuation
fund if:

   (a)  a member of the fund has satisfied a condition of release; and

   (b)  there is a cashing restriction (other than a 'nil' restriction) in
        respect of that condition.



"(2) In cashing benefits in accordance with the restriction, the trustee must
give priority to benefits in the following order:

   (a)  first-to unrestricted non-preserved benefits;

   (b)  second-to restricted non-preserved benefits;

   (c)  third-to preserved benefits.".