15Approved deposit funds—payments by trustees

#### 15 Approved deposit funds—payments by trustees (1) For the purposes of paragraph (c) of the definition of approved purposes in section 10 and for the purposes of section 53, if: (a) a beneficiary has an interest in a fund; and (b) on the request of the beneficiary, an amount equal to the beneficiary’s interest is paid by the fund: (i) to a life insurance company or registered organisation for the purchase of an annuity in the name of the beneficiary; or (ii) into an RSA specified by the beneficiary; the trustee of the fund is taken to have paid the amount to the beneficiary on request. (1A) For the purposes of paragraph (c) of the definition of approved purposes in section 10 and for the purposes of section 53, if: (a) a beneficiary has an interest in a fund; and (b) on the request of the beneficiary, an amount equal to the beneficiary’s interest is paid by the fund to: (i) an approved deposit fund; or (ii) a regulated superannuation fund; the trustee of the first‑mentioned fund is taken to have paid the amount to the beneficiary on request. (1B) For the purposes of paragraph (c) of the definition of approved purposes in section 10, if a payment is not made immediately on request but is deferred for a period determined by the trustee concerned, the payment is taken to have been made on request. (2) A reference in subsection (1) or (1A) to a beneficiary includes a reference to the legal personal representative of a beneficiary.