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

Schedule 3   Amendments commencing on 1 July 2007

[33]   Subregulation 6.01 (2), after definition of non-commutable income stream

insert

non-commutable pension means a pension provided under rules of a superannuation fund that:

(a) meet the standards of subregulation 1.06 (2), (7) or (8); and

(b) ensure that, if the pension is commuted under subparagraph 1.06 (2) (e) (i), (7) (g) (i) or (8) (d) (i), the resulting superannuation lump sum cannot be cashed unless:

(i) the purpose of the commutation is to cash an unrestricted non-preserved benefit; or

(ii) before commutation, the pensioner has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non-preserved benefits is ‘Nil’.