Superannuation Industry (Supervision) Regulations 1994

PART 1A - ANNUITIES AND PENSIONS  

Division 1A.1  

REGULATION 1.06C   LIMITED PERIOD FOR FULL COMMUTATION OF CERTAIN INCOME STREAMS  

1.06C(1)    
For the purposes of subparagraphs 1.06(2)(e)(iiia) , (7)(g)(va) and (8)(d)(iva) , this subregulation applies to a commutation of a benefit if:

(a)    the benefit is commuted during the 5 years beginning on the day this regulation commences; and

(b)    the whole of the benefit is commuted.

1.06C(2)    
For the purposes of subparagraph 1.06(2)(e)(iiia) , this subregulation applies to a commutation of a benefit if the fund providing the benefit:

(a)    is not a defined benefit fund; or

(b)    is a self managed superannuation fund; or

(c)    was, when the benefit commenced to be paid and at all earlier times, a small APRA fund (within the meaning of the Corporations Act 2001 ).