Treasury Laws Amendment (Legacy Retirement Product Commutations and Reserves) Regulations 2024 (F2024L01596)

Schedule 1   Amendments

Part 1   Commutation of certain pensions and annuities

Superannuation Industry (Supervision) Regulations 1994

6   After regulation 1.05

Insert:

1.05AA Limited period for full commutation of certain annuities

(1) For the purposes of subparagraphs 1.05(2)(f)(iiia), (9)(h)(via) and (10)(d)(iva), this subregulation applies to a commutation of a benefit if:

(a) the commutation occurs during the 5 years beginning on the day this regulation commences; and

(b) the whole of the benefit is commuted.

(2) For the purposes of subparagraph 1.05(2)(f)(iiia), this subregulation applies to a commutation of a benefit if the superannuation fund that purchases the benefit or provides the consideration for the benefit:

(a) is not a defined benefit fund; or

(b) is a self managed superannuation fund; or

(c) was, when the benefit commenced to be paid and at all earlier times, a small APRA fund (within the meaning of the Corporations Act 2001).