Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS  

Division 6.1 - Introductory  

Subdivision 6.1.1 - General interpretation  

REGULATION 6.01AA   MEANING OF NON-COMMUTABLE ALLOCATED ANNUITY  

6.01AA(1)    

In this Part and Schedule 1 ,

non-commutable allocated annuity
means an annuity provided under a contract that:

(a) meets the standards of subregulation 1.05(4) ; and

(b) ensures that payments of benefits are made only in accordance with the rules set out in regulations 6.16 , 6.18 , 6.19 and 6.22A , as if:

(i) the annuity were a regulated superannuation fund; and

(ii) the annuitant were a member of the fund; and

(iii) the annuity provider were a trustee of the fund; and

(c) ensures that, if the annuity is commuted, the resulting superannuation lump sum cannot be cashed unless:

(i) the purpose of the commutation is mentioned in subregulation (2); or

(ii) before commutation, 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 " ; or

(iii) the purpose of the commutation is to satisfy an obligation to pay an amount to the Commissioner of Taxation under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

6.01AA(2)    
For subparagraph (1)(c)(i), the purpose is any of the following:

(a) to cash an unrestricted non-preserved benefit;

(b) to pay a superannuation contributions surcharge;

(c) to give effect to an entitlement of a non-member spouse under a payment split;

(d) to ensure that a payment may be made under Division 131 or 135 in Schedule 1 to the Taxation Administration Act 1953 , or section 292-80C of the Income Tax (Transitional Provisions) Act 1997 , for the purpose of giving effect to a release authority.