Lump sum - full cashing out

Product type: Standard template | no legal review or advice

Price: $88.00

This document set consists of the application and resolutions required when a member is cashing out their entire accumulation interest in the superannuation fund with the intention of ceasing to be a member of the superannuation fund.

As the Member is cashing out their entire benefit, the Member cannot continue to participate in the management of the superannuation fund by remaining a trustee or a director of the corporate trustee. The Member must cease to be a trustee or director of the corporate trustee as soon as possible after the cashing out request has been made, but in any event within six months of the benefit being cashed out.

The resolutions confirm the issue of a Superannuation Lump Sum Pre-payment Statement in respect of the superannuation interest of the member and authorise various actions to be undertaken as a consequence of the payment of the superannuation lump sum to the Member.

The template should be modified as required – variable text is indicated in red. (these are Bank account details and other payment methods)

This template is not appropriate for the situation where the payment is a terminal medical condition payment.

For superannuation funds governed by non-SUPERCentral or non-Townsends Business & Corporate Lawyers governing rules, please review the applicable trust deed and governing rules to determine if the template is suitable for the Superannuation Fund.

Documents include:

Lump sum checklist
Application for full cashing out of members benefit
Written resolutions

For assistance or more information please call the SUPERCentral Help Desk on 02 8296 6266 or make an enquiry.

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