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I'm a bit confused between Reg 5.08 and Reg 6.17- can someone pls say what the difference is!?
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SIS Regulation 5.08 requires per the audit report:
Member minimum benefits must be maintained in the fund until transferred, rolled over,
allotted (to the member’s spouse) or cashed out in a permitted fashion.
SIS Regulation 6.17 requires per the audit report:
Payments of member benefits must be made in accordance with Part 6 or Part 7A of the
regulations and be permitted by the trust deed.
I agree the regulations are very similar in that they require member's benefits to only be paid in a permitted fashion. SIS Regulation 6.17 does refer to the specific divisions of the SIS Regulations that have the rules in relation to benefits being able to be paid.
Thanks
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