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

Schedule 3   Amendments commencing on 1 July 2007

[14]   Subregulation 1.06 (1)

substitute

(1) A benefit is taken to be a pension for the purposes of the Act if:

(a) it is provided under rules of a superannuation fund that:

(i) meet the standards of subregulation (9A); and

(ii) do not permit the capital supporting the pension to be added to by way of contribution or rollover after the pension has commenced; and

(b) in the case of rules to which paragraph (9A) (a) applies - the rules also meet the standards of regulation 1.07D; and

(c) in the case of rules to which paragraph (9A) (b) applies - the rules also meet the standards of regulation 1.07B.

(1A) A benefit that commenced to be paid before 20 September 2007 is taken to be a pension for the purposes of the Act if:

(a) it is provided under rules of a superannuation fund that meet the standards of subregulation (2), (4), (6), (7) or (8); and

(b) where the primary beneficiary became entitled to the benefit on or after 20 September 1998 under rules of a superannuation fund that meet the standards of subregulation (7) - those rules provide that the commencement day is the day when the primary beneficiary became entitled to the pension; and

(c) for a benefit that is provided under rules of a superannuation fund that meet the standards of subregulation (4) - the rules also meet the standards of regulation 1.07A; and

(d) for a benefit that is provided under rules of a superannuation fund that meet the standards of subregulation (2), (6) or (7) - the rules also meet the standards of regulation 1.07B; and

(e) for a benefit that is provided under rules of a superannuation fund that meet the standards of subregulation (8), and has a commencement day on or after 20 September 2004 - the rules also meet the standards of regulation 1.07C.

(1B) A benefit that commenced to be paid on or after 20 September 2007 is taken to be a pension for the purposes of the Act if:

(a) the benefit arises under rules of a superannuation fund that meet the standards of:

(i) subregulation 1.06 (7) or (8); and

(ii) subregulation 1.06 (9A); and

(b) the benefit was purchased with a rollover superannuation benefit that resulted from the commutation of:

(i) an annuity provided under a contract that meets the standards of subregulation 1.05 (2), (9) or (10); or

(ii) a pension provided under rules that meet the standards of subregulation 1.06 (2), (7) or (8); or

(iii) a pension provided under terms and conditions that meet the standards of subregulation 1.07 (3A) of the RSA Regulations; and

(c) for a benefit that arises under rules that meet the standards of subregulation (7) - the rules also meet the standards of regulation 1.07B; and

(d) for a benefit that arises under rules that meet the standards of subregulation (8) - the rules also meet the standards of regulation 1.07C.