Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 1) (74 of 2007)

Schedule 3   Amendments commencing on 1 July 2007

[25]   Subregulation 5.01 (1), definition of deferred annuity

substitute

deferred annuity means an annuity that is not payable on purchase, and the terms of which ensure:

(a) that payment of benefits under the annuity:

(i) is not commenced earlier than the time at which Part 6 permits or requires the benefits to be paid from an approved deposit fund; and

(ii) is to commence as soon as practicable after the annuitant:

(A) dies; or

(B) if the annuitant dies before attaining the age of 65 - would have attained that age; and

(b) that, except as permitted in relation to approved deposit funds by the Act or these Regulations, the provider of the annuity is not taken to recognise, or in any way encourage or sanction:

(i) an assignment of an interest under the annuity; or

(ii) the giving of a charge over, or in relation to, the annuity.