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SLI 2008 No. 9 Regulations as made
These Regulations amend the Superannuation Industry (Supervision) Regulations 1994 to create a new condition of release to allow persons with a terminal medical condition unrestricted access to their superannuation benefits and also makes minor changes to the definition of a transition to retirement income stream to clarify the intended operation of these rules.
Administered by: Treasury
Registered 15 Feb 2008
Tabling HistoryDate
Tabled HR18-Feb-2008
Tabled Senate11-Mar-2008
Date of repeal 09 Aug 2013
Repealed by Treasury (Spent and Redundant Instruments) Repeal Regulation 2013

Superannuation Industry (Supervision) Amendment Regulations 2008 (No. 1)1

Select Legislative Instrument 2008 No. 9

I, PHILIP MICHAEL JEFFERY, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Industry (Supervision) Act 1993.

Dated 14 February 2008

P. M. JEFFERY

Governor‑General

By His Excellency’s Command

NICK SHERRY


1              Name of Regulations

                These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 2008 (No. 1).

2              Commencement

                These Regulations commence on the day after they are registered.

3              Amendment of Superannuation Industry (Supervision) Regulations 1994

                Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994.


Schedule 1        Amendments

(regulation 3)

  

[1]           Subregulation 6.01 (2), after definition of temporary incapacity

insert

terminal medical condition has the meaning given by regulation 6.01A.

[2]           Subregulation 6.01 (2), definition of transition to retirement income stream, subparagraph (a) (ii)

substitute

                         (ii)    allows total payments (excluding payments by way of commutation, but including payments under a payment split) made in a financial year to amount to no more than 10% of the annuity account balance:

                                   (A)     on 1 July in the financial year in which the payment is made; or

                                   (B)     if that year is the year in which the annuity commences — on the commencement day;

                                 unless 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’; and

[3]           Subregulation 6.01 (2), definition of transition to retirement income stream, subparagraph (b) (ii)

substitute

                         (ii)    allow total payments (excluding payments by way of commutation but including payments under a payment split) made in a financial year to amount to no more than 10% of the pension account balance:

                                   (A)     on 1 July in the financial year in which the payment is made; or

                                   (B)     if that year is the year in which the pension commences — on the commencement day;

                                 unless 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’; and

[4]           After regulation 6.01

insert

6.01A      Meaning of terminal medical condition

                For Schedule 1, a terminal medical condition exists in relation to a person at a particular time if the following circumstances exist:

                (a)    two registered medical practitioners have certified, jointly or separately, that the person suffers from an illness, or has incurred an injury, that is likely to result in the death of the person within a period (the certification period) that ends not more than 12 months after the date of the certification;

               (b)    at least one of the registered medical practitioners is a specialist practicing in an area related to the illness or injury suffered by the person;

                (c)    for each of the certificates, the certification period has not ended.

[5]           Schedule 1, heading

substitute

Schedule 1        Conditions of release of benefits

(Subregulations 1.03AB (2) and 6.01 (2), regulation 6.01A, paragraphs 6.15A (1) (a) and (b), (2) (b), (3) (b), (4) (c) and (5) (c), subparagraph 6.16 (3) (b) (ii) and paragraphs 6.18 (3) (a), 6.19 (3) (a), 6.23 (3) (a) and 7A.01A (a) and (c))

[6]           Schedule 1, after item 102

insert

102A

Terminal medical condition

Nil

[7]           Schedule 1, after item 202

insert

202A

Terminal medical condition

Nil


Note

1.       All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.