Commonwealth Numbered Regulations

SUPERANNUATION INDUSTRY (SUPERVISION) AMENDMENT REGULATIONS 2004 (NO. 11) 2004 NO. 404 - SCHEDULE 1

(regulation 3)

[1] Subparagraph 1.05 (2) (f) (i)

substitute

(i)

if the annuity is not funded from the commutation of:

(A) an annuity that meets the standards of this subregulation or subregulation (3), (9) or (10); or
(B) a pension that meets the standards of subregulation 1.06 (2), (3), (7) or (8); or
(C) a pension that meets the standards of subregulation 1.07 (3A) of the RSA Regulations;

and the commutation is made within 6 months after the commencement day of the annuity; or

[2] Subparagraph 1.05 (9) (h) (i)

substitute

(i)

if the annuity is not funded from the commutation of:

(A) an annuity that meets the standards of this subregulation or subregulation (2), (3) or (10); or
(B) a pension that meets the standards of subregulation 1.06 (2), (3), (7) or (8); or

(C) a pension that meets the standards of subregulation 1.07 (3A) of the RSA Regulations;

and the commutation is made within 6 months after the commencement day of the annuity; or

[3] Subparagraph 1.06 (2) (e) (i)

substitute

(i)

if the pension is not funded from the commutation of:

(A) an annuity that meets the standards of subregulation 1.05 (2), (3), (9) or (10); or
(B) a pension that meets the standards of this subregulation or subregulation (3), (7) or (8); or
(C) a pension that meets the standards of subregulation 1.07 (3A) of the RSA Regulations;

and the commutation is made within 6 months after the commencement day of the pension; or

[4] Subparagraph 1.06 (7) (g) (i)

substitute

(i)

if the pension is not funded from the commutation of:

(A) an annuity that meets the standards of subregulation 1.05 (2), (3), (9) or (10); or
(B) a pension that meets the standards of this subregulation or subregulation (2), (3) or (8); or
(C) a pension that meets the standards of subregulation 1.07 (3A) of the RSA Regulations;

and the commutation is made within 6 months after the commencement day of the pension; or

[5] After paragraph 1.07A (2) (b)

insert

(ba)

for a commutation in part — the account balance of the annuity or pension, immediately after the commutation in part, would be equal to or would exceed the minimum limit applicable under Schedule 1A, as reduced by the amount of income payments already made in the financial year in which the commutation in part would occur; or