Schedule 1 Amendments
(regulation 3)
[1] Subregulation 6.01 (2), after definition of lump sum
insert
non-commutable allocated annuity means an annuity provided under a contract that:
(a) meets the standards of subregulation 1.05 (4); and
(b) ensures that payments of benefits are made only in accordance with the rules set out in regulations 6.16, 6.18, 6.19 and 6.22A, as if:
(i) the annuity were a regulated superannuation fund; and
(ii) the annuitant were a member of the fund; and
(iii) the annuity provider were a trustee of the fund; and
(c) ensures that, if the annuity is commuted, the resulting eligible termination payment cannot be cashed unless:
(i) the purpose of the commutation is:
(A) to cash an unrestricted non-preserved benefit; or
(B) to pay a superannuation contributions surcharge; or
(C) to give effect to an entitlement of a non-member spouse under a payment split; or
(ii) before commutation, the annuitant has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non-preserved benefits is ‘Nil’.
non-commutable allocated pension means a pension provided under rules of a superannuation fund that:
(a) meet the standards of subregulation 1.06 (4); and
(b) ensure that, if the pension is commuted, the resulting eligible termination payment cannot be cashed unless:
(i) the purpose of the commutation is:
(A) to cash an unrestricted non-preserved benefit; or
(B) to pay a superannuation contributions surcharge; or
(C) to give effect to an entitlement of a non-member spouse under a payment split; or
(ii) before commutation, the pensioner has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non-preserved benefits is ‘Nil’.
non-commutable annuity means an annuity provided under a contract that:
(a) meets the standards of subregulation 1.05 (2), (9) or (10); and
(b) ensures that payments of benefits are made only in accordance with the rules set out in regulations 6.16, 6.18, 6.19 and 6.22A, as if:
(i) the annuity were a regulated superannuation fund; and
(ii) the annuitant were a member of the fund; and
(iii) the annuity provider were a trustee of the fund; and
(c) ensures that, if the annuity is commuted under subparagraph 1.05 (2) (f) (i), (9) (h) (i) or (10) (d) (i), the resulting eligible termination payment cannot be cashed unless:
(i) the purpose of the commutation is to cash an unrestricted non-preserved benefit; or
(ii) before commutation, the annuitant has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non-preserved benefits is ‘Nil’.
non-commutable pension means a pension provided under rules of a superannuation fund that:
(a) meet the standards of subregulation 1.06 (2), (7) or (8); and
(b) ensure that, if the pension is commuted under subparagraph 1.06 (2) (e) (i), (7) (g) (i) or (8) (d) (i), the resulting eligible termination payment cannot be cashed unless:
(i) the purpose of the commutation is to cash an unrestricted non-preserved benefit; or
(ii) before commutation, the pensioner has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non-preserved benefits is ‘Nil’.
[2] Schedule 1, Part 1, after item 109
insert
109A | Attaining preservation age | One or more of the following: (a) a non-commutable allocated annuity; (b) a non-commutable allocated pension; (c) a non-commutable annuity; (d) a non-commutable pension |
[3] Schedule 1, Part 2, after item 207
insert
208 | Attaining preservation age | One or more of the following: (a) a non-commutable allocated annuity; (b) a non-commutable allocated pension; (c) a non-commutable annuity; (d) a non-commutable pension |
1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See www.frli.gov.au.