Retirement Savings Accounts Amendment Regulations 2007 (No. 1) (104 of 2007)

Schedule 3   Amendments commencing on 1 July 2007

[18]   Subregulation 4.01 (2), after definition of transitional period

insert

transition to retirement pension means a pension provided from an RSA, the terms and conditions of which:

(a) meet the standards of subregulation 1.07 (3D); and

(b) 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:

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

(ii) if that year is the year in which the pension commences - on the commencement day; and

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