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

Schedule 3 Amendments commencing on 1 July 2007

insert

(13) In this regulation:

indexation arrangement , in relation to an annuity, means an arrangement specified in the contract for the provision of the annuity that:

(a) either:

(i) results in the total amount of annuity payments in each year increasing by the same percentage factor; or

(ii) results in the total amount of annuity payments in each year being adjusted in line with movements in:

(A) the Consumer Price Index; or

(B) an index of average weekly earnings published by the Australian Statistician; and

(b) ensures that, unless APRA otherwise approves, an adjustment is made at least annually to the amount of the annuity payments.