Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 6.23

6.23. (1) Subject to regulation 6.27, a member's preserved benefits in an
approved deposit 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 amount of:

   (a)  the preserved benefits of the member that had accrued at the time when
        the member 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 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"-a lump sum or 2 or more lump
        sums.

(4) A lump sum mentioned in paragraph (3) (b) must be payable not later than
the time for the payment of a lump sum mentioned in subregulation 6.25 (2).