Superannuation Industry (Supervision) Amendment Regulations 2004 (No. 11)

(404 of 2004)

16 December 2004

Superannuation Industry (Supervision) Act 1993

1   Name of Regulations

These Regulations are the Superannuation Industry (Supervision) Amendment Regulations 2004 (No. 11).

2   Commencement

These Regulations are taken to have commenced as follows:

(a) on 1 October 2003 - regulations 1, 2 and 3, and Schedule 1;

(b) on 20 September 2004 - Schedule 2.

3   Amendment of Superannuation Industry (Supervision) Regulations 1994

 

(1) Schedule 1 amends the Superannuation Industry (Supervision) Regulations 1994, as amended by the Superannuation Industry (Supervision) Amendment Regulations 2003 (No. 3).

      

(2) Schedule 2 amends the Superannuation Industry (Supervision) Regulations 1994, as amended by the Superannuation Industry (Supervision) Amendment Regulations 2004 (No. 4).

Schedule 1   Amendments taken to have commenced on 1 October 2003

[1]   Subparagraph 1.05 (2) (f) (i)

substitute

(i) if the annuity is not funded from the commutation of:

(A) an annuity that meets the standards of this subregulation or subregulation (3), (9) or (10); or

(B) a pension that meets the standards of subregulation 1.06 (2), (3), (7) or (8); or

(C) a pension that meets the standards of subregulation 1.07 (3A) of the RSA Regulations;

and the commutation is made within 6 months after the commencement day of the annuity; or

[2]   Subparagraph 1.05 (9) (h) (i)

substitute

(i) if the annuity is not funded from the commutation of:

(A) an annuity that meets the standards of this subregulation or subregulation (2), (3) or (10); or

(B) a pension that meets the standards of subregulation 1.06 (2), (3), (7) or (8); or

(C) a pension that meets the standards of subregulation 1.07 (3A) of the RSA Regulations;

and the commutation is made within 6 months after the commencement day of the annuity; or

[3]   Subparagraph 1.06 (2) (e) (i)

substitute

(i) if the pension is not funded from the commutation of:

(A) an annuity that meets the standards of subregulation 1.05 (2), (3), (9) or (10); or

(B) a pension that meets the standards of this subregulation or subregulation (3), (7) or (8); or

(C) a pension that meets the standards of subregulation 1.07 (3A) of the RSA Regulations;

and the commutation is made within 6 months after the commencement day of the pension; or

[4]   Subparagraph 1.06 (7) (g) (i)

substitute

(i) if the pension is not funded from the commutation of:

(A) an annuity that meets the standards of subregulation 1.05 (2), (3), (9) or (10); or

(B) a pension that meets the standards of this subregulation or subregulation (2), (3) or (8); or

(C) a pension that meets the standards of subregulation 1.07 (3A) of the RSA Regulations;

and the commutation is made within 6 months after the commencement day of the pension; or

[5]   After paragraph 1.07A (2) (b)

insert

(ba) for a commutation in part - the account balance of the annuity or pension, immediately after the commutation in part, would be equal to or would exceed the minimum limit applicable under Schedule 1A, as reduced by the amount of income payments already made in the financial year in which the commutation in part would occur; or

Schedule 2   Amendments taken to have commenced on 20 September 2004

[1]   Sub-subparagraph 1.05 (2) (f) (ii) (A)

after

life expectancy on the commencement day

insert

, rounded up to the next whole number,

[2]   Sub-subparagraph 1.06 (2) (e) (ii) (A)

after

life expectancy on the commencement day

insert

, rounded up to the next whole number,

[3]   After paragraph 1.07C (2) (b)

insert

(ba) for a commutation in part - the account balance of the annuity or pension, immediately after the commutation in part, would be equal to or would exceed the total payment amount calculated in accordance with Schedule 6, asreduced by the amount of income payments already made in the financial year in which the commutation in part would occur; or