Document ID: chunk:federal_register_of_legislation:F2021C00237:reg:7:p28
Version: federal_register_of_legislation:F2021C00237
Segment Type: reg
Provision Reference: reg 7 (pt 28/46)
Character Range: 112031–114822

or non‑member spouse interest account, create a non‑member spouse interest account and credit that non‑member spouse interest account;
         all or part of the commutation amount.

Notes:
     1 The SIS Regulations may restrict the commutation of the pension if minimum thresholds for pension payments have not yet been paid in the financial year. There may also be restrictions on commutation where a transition to retirement income stream is taken.
     2 Generally a superannuation income stream in the retirement phase needs to be commuted in part or in full where the balance of a person's transfer balance account exceeds their transfer balance cap. For this purpose, the Commissioner of Taxation is able to issue a commutation authority to a superannuation income stream provider to commute some or all of a superannuation income stream.

   Fees, costs and expenses relating to pension accounts

 3.6.9 Fees, costs and expenses incurred in relation to a pension account are to be determined by CSC and deducted from that pension account.

   Pension account – member investment choice on death

 3.6.10 If CSC is satisfied that a PSSAP pensioner or reversionary beneficiary has died, CSC may, pending payment of the person's benefit, switch the investment options in which the person's benefit was then invested to an investment option that CSC selects.

   References in other rules

 3.6.11 A reference in Rule 3.1.1(c), Rule 3.1.1(d) Rule 3.1.1(e), Rule 3.1.1(f), Rule 3.1.6, Rule 3.1.10, Rule 3.1.11A, and Rule 3.1.20 to a PSSAP member is taken to include a PSSAP pensioner or reversionary beneficiary.
 3.6.12 A reference in Rule 3.1.6, Rule 3.1.10, and Rule 3.1.11A to total benefit is taken to include the balance of the person's pension account.

   Nomination of reversionary beneficiary

 3.6.13 A PSSAP pensioner may, before their account‑based pension commences to be paid or at such other times as CSC may allow, nominate one or more dependants as a beneficiary.

   Death of a person with a pension account

 3.6.14 On the death of a PSSAP pensioner:
           (a) if there is a valid nomination of a beneficiary under Rule 3.6.13 at the date of the death of the PSSAP pensioner, CSC must continue payment of the pension to the nominated beneficiary if the SIS Act permits it to do so; or
           (b) if the pensioner has not nominated a beneficiary under Rule 3.6.13, but has made a valid binding member nomination, CSC must deal with payment of that balance in accordance with that binding member nomination subject to the SIS Act; or
           (c) where paragraphs (a) and (b) do not apply, CSC may pay the pension account balance in such manner and in such proportions as it determines, as permitted or required by the SIS Act.
 3.6.15 On the death of