6.27A

Priority in cashing benefits in certain cases—approved deposit funds

Current

(1)

This regulation applies to a trustee of an approved deposit 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 preserved benefits.

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