Superannuation Industry (Supervision) Regulations 1994

Benefits in a fund are unrestricted non‑preserved benefits if:

during the transitional period of the fund, there arose in relation to the benefits a circumstance that would have resulted in the satisfaction of a condition of release and a ‘Nil’ cashing restriction if these regulations applied; or

both:

the benefits were rolled over or transferred to the fund from:

a superannuation fund (Fund A) during its transitional period; or

a regulated superannuation fund or an approved deposit fund to which the benefits were rolled over or transferred from a superannuation fund (Fund B) during its transitional period; and

the trustee is reasonably satisfied that:

during the transitional period of Fund A or Fund B, there arose in relation to the benefits a circumstance that would have resulted in the satisfaction of a condition of release and a ‘Nil’ cashing restriction if these regulations applied; or

before the benefits were rolled over or transferred to Fund A or Fund B from a regulated superannuation fund or an approved deposit fund, the relevant cashing restriction set out in Schedule 1 in respect of the benefits was ‘Nil’.

An investment earning in relation to a benefit of any kind is an unrestricted non‑preserved benefit on a day if:

the benefit was cashed, before that day, in the form of a non‑commutable life pension; and

for a benefit that was commenced under the condition of release mentioned in item 110 or 208 of Schedule 1, the pensioner has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non‑preserved benefits is ‘Nil’; and

the pension commenced to be paid before that day.

An investment earning in relation to a benefit of any kind is an unrestricted non‑preserved benefit on a day if:

the benefit was cashed, before that day, in the form of a non‑commutable life annuity; and

for a benefit that was commenced under the condition of release mentioned in item 110 or 208 of Schedule 1, the annuitant has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non‑preserved benefits is ‘Nil’; and

the annuity commenced to be paid before that day.

An investment earning in relation to a benefit is an unrestricted non‑preserved benefit on a day if:

the benefit is an unrestricted non‑preserved benefit; and

the benefit was cashed, before that day, in the form of a pension; and

for a benefit that was commenced under the condition of release mentioned in item 110 or 208 of Schedule 1, the pensioner has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non‑preserved benefits is ‘Nil’; and

the pension commenced to be paid before that day.

An investment earning in relation to a benefit is an unrestricted non‑preserved benefit on a day if:

the benefit is an unrestricted non‑preserved benefit; and

the benefit was cashed, before that day, in the form of an annuity; and

for a benefit that was commenced under the condition of release mentioned in item 110 or 208 of Schedule 1, the annuitant has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non‑preserved benefits is ‘Nil’; and

the annuity commenced to be paid before that day.