OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART IA - REASONABLE BENEFIT LIMITS  

Division 4 - Determinations  

REGULATION 4X   ASSESSMENT OF BENEFITS AGAINST LUMP SUM RBL  

4X(1)   [ Benefits to be assessed against lump sum RBL ]  

Subject to subregulations (2) and (3), a benefit, being an ETP paid to a person, or a superannuation pension or annuity that commences to be paid to a person, is to be assessed against the lump sum RBL if:

(a) the benefit is an ETP and the sum of:

(i) the amount of the benefit (other than any part of the benefit that consists of undeducted contributions, concessional components or non-qualifying components); and

(ii) the qualifying portions of any ETP ' s previously made to the person; and

(iii) the qualifying portions of any benefits previously paid to the person, being benefits that were pensions or annuities that did not comply with the pension and annuity standards;

is more than 50 % of:

(iv) the sum of the qualifying portions of all benefits previously paid or payable to the person and the amount referred to in subparagraph (i); or

(v) the person ' s pension RBL; or

(b) the benefit is a superannuation pension or annuity that complies with the pension and annuity standards and the sum of:

(i) the amount that is:

(A) the capital value of the superannuation pension; or

(B) the amount of the ETP rolled-over to purchase the annuity (other than any part that consists of undeducted contributions or concessional components);

as the case requires; and

(ii) the qualifying portions of any superannuation pensions or annuities previously paid to the person that complied with the pension and annuity standards;

is less than 50 % of:

(iii) the sum of the qualifying portions of all benefits previously paid or payable to the person and the amount referred to in subparagraph (i); or

(iv) the person ' s pension RBL;

whichever is the lesser; or

(c) the benefit is a superannuation pension or annuity that does not comply with the pension and annuity standards and the sum of:

(i) the amount that is:

(A) the capital value of the superannuation pension; or

(B) the amount of the ETP rolled-over to purchase the annuity (other than any part that consists of undeducted contributions or concessional components);

as the case requires; and

(ii) the qualifying portions of any superannuation pensions or annuities previously paid to the person that did not comply with the pension and annuity standards; and

(iii) the qualifying portions of any ETP ' s previously made to the person;

is more than 50 % of:

(iv) the sum of the qualifying portions of all benefits previously paid or payable to the person and the amount referred to in subparagraph (i); or

(v) the person ' s pension RBL.

4X(2)   [ 50 % of sum of qualifying portions ]  

If, before the attainment by a person referred to in subregulation (1) of the age of 55 years:

(a) the person had previously received an ETP; or

(b) the commencement day of a superannuation pension or annuity payable to the person that does not meet the pension or annuity standards occurred;

the reference in that subregulation to 50 % of the sum of the qualifying portions of all benefits previously paid or payable to the person and the amount referred to in subparagraph (1)(a)(i), (b)(i) or (c)(i), as the case may be, is a reference to:

(c) 50 % of the total of the sum of the qualifying portions of all benefits previously paid or payable to the person (other than undeducted contributions, concessional components or non-qualifying components) and the amount referred to in subparagraph (1)(a)(i), (b)(i) or (c)(i), as the case may be; or

(d) the person ' s lump sum RBL;

whichever is the lesser.

4X(3)   [ Reduction of current benefit ]  

If:

(a) any of the paragraphs of subregulation (1) applies to a person; and

(b) the total of:

(i) the value of a superannuation pension or annuity that has commenced to be paid (in this subregulation called " the value of the current benefit " ), or the ETP paid, to that person; and

(ii) the sum of the qualifying portions of all benefits previously paid or payable to the person;

is greater than the person ' s pension RBL;

the amount to be assessed against the lump sum RBL is the amount of the value of the current benefit or ETP less the amount by which that total exceeds the person ' s pension RBL.