Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 6.18

6.18. (1) A member's preserved benefits in a regulated superannuation fund may
be cashed on or after the satisfaction by the member 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 member that had accrued at the
        time when the member 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 1 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 6.21 (2)
(a).