Superannuation Industry (Supervision) Amendment Regulations 2008 (No. 1) (9 of 2008)

Schedule 1   Amendments

[2]   Subregulation 6.01 (2), definition of transition to retirement income stream, subparagraph (a) (ii)

substitute

(ii) allows total payments (excluding payments by way of commutation, but including payments under a payment split) made in a financial year to amount to no more than 10% of the annuity account balance:

(A) on 1 July in the financial year in which the payment is made; or

(B) if that year is the year in which the annuity commences - on the commencement day;

unless the annuitant has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non-preserved benefits is 'Nil'; and