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

Schedule 3 Amendments commencing on 1 July 2007

insert

transition to retirement income stream means:

(a) an annuity provided under a contract that:

(i) is a contract:

(A) to which paragraph 1.05 (11A) (a) applies; and

(B) that meets the standards of subregulation 1.05 (11A); and

(ii) allows total payments (including 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; and

(iii) complies with paragraphs (b) and (c) of the definition of non-commutable allocated annuity , as if it were such an annuity; or

(b) a pension provided from a superannuation fund, the rules of which:

(i) are rules:

(A) to which paragraph 1.06 (9A) (a) applies; and

(B) that meet the standards of subregulation 1.06 (9A); and

(ii) allow total payments (including 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; and

(iii) comply with paragraph (b) of the definition of non-commutable allocated pension , as if it were such a pension.