Retirement Savings Accounts Amendment Regulations 2007 (No. 1) (104 of 2007)

Schedule 3   Amendments commencing on 1 July 2007

[8]   Subregulation 1.07 (1)

substitute

(1) A benefit is taken to be a pension for the purposes of the Act if it is provided under terms and conditions of an RSA that:

(a) meet the standards of subregulation (3D); and

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

(c) meet the standards of regulation 1.08A.

(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 it is provided under terms and conditions of an RSA that meet the standards of subregulation (2) or (3A).

(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 terms and conditions of an RSA that meet the standards of:

(i) subregulation (3A); and

(ii) subregulation (3D); 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) of the SIS Regulations; or

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

(iii) a pension provided under terms and conditions of an RSA that meet the standards of subregulation (3A).