Superannuation Industry (Supervision) Regulations 1994

SCHEDULE 6  

Subregulations 1.05(10) and 1.06(8)

PAYMENTS FOR MARKET LINKED INCOME STREAMS

SECTION 7.  

7.    
If, on 1 July in a financial year ( current year ):

(a)    the payment factor that applies to an account balance for a market linked annuity or pension is 1.00; and

(b)    the payment factor that applied on 1 July in the previous financial year was not 1.00;

payments made in respect of the current year and the period after (if any) are taken to be determined in accordance with clause 1 if they comply with the following conditions:

(c)    payment of the account balance over one of the following periods:

(i) if the remaining term of the annuity or pension is greater than 12 months - that period;

(ii) 12 months;

(d)    if payments are made in accordance with paragraph (c) - the provider has no obligation to make any other payment that, but for this clause, would have been determined on 1 July in the subsequent financial year.