Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Section 294 - 25 applies in relation to a * capped defined benefit income stream as if a reference in that section to the * value of a * superannuation interest were a reference to the * special value of the superannuation interest.
Meaning of special value--lifetime products
(2) The special value , at a particular time, of a * superannuation interest that supports an income stream that is, or was at any time, a * capped defined benefit income stream covered by item 1 or 2 of the table in subsection 294 - 130(1), is the amount worked out using the formula:
where:
"annual entitlement" is worked out by:
(a) dividing the amount of the first * superannuation income stream benefit you are entitled to receive from the income stream just after that time by the number of whole days to which that benefit relates; and
(b) multiplying the result by 365.
Meaning of special value--life expectancy and market linked products
(3) The special value , at a particular time, of a * superannuation interest that supports an income stream that is, or was at any time, a * capped defined benefit income stream covered by any of items 3 to 7 of the table in subsection 294 - 130(1), is the amount worked out using the formula:
where:
"annual entitlement" has the same meaning as in subsection (2) of this section.
"remaining term" means the number of years remaining at that time in the period throughout which * superannuation income stream benefits are payable under the income stream, rounded up to the next whole number.
Regulations
(4) The regulations may specify a method for determining the special value of a * superannuation interest that supports a * superannuation income stream prescribed by regulations made for the purposes of subsection 294 - 130(2).