Document ID: chunk:federal_register_of_legislation:F2023C01022:reg:14p:p1
Version: federal_register_of_legislation:F2023C01022
Segment Type: reg
Provision Reference: reg 14P (pt 1/3)
Character Range: 76927–79716

14P  New deferred annuity established or amount transferred or rolled over or paid by trustee of deferred annuity in satisfaction of non‑member spouse's entitlement under agreement or order
 (1) This regulation applies to a superannuation interest that is a percentage‑only interest if the interest is in a superannuation annuity that is a deferred annuity.
 (2) The requirements of this Division are satisfied in relation to a non‑member spouse's entitlement under a particular superannuation agreement, flag lifting agreement or splitting order in respect of a superannuation interest of a member spouse if the requirements of subregulation (3), (4), (5) or (6) are satisfied.
 (3) The requirements of this subregulation are satisfied if:
 (a) the non‑member spouse has satisfied a relevant condition of release in relation to the interest; and
 (b) the trustee of the superannuation annuity has, in respect of the non‑member spouse's entitlement under the agreement or order, paid to the non‑member spouse an amount equal to the value of the non‑member spouse's entitlement in respect of the superannuation interest at the time of the payment; and
 (c) the interest is in the growth phase at the time of the payment.
 (4) The requirements of this subregulation are satisfied if:
 (a) the trustee of the superannuation annuity has, in respect of the non‑member spouse's entitlement under the agreement or order, transferred or rolled over to a superannuation fund or an RSA an amount, to be held for the benefit of the non‑member spouse, with a value equal to the value of the non‑member spouse's entitlement in respect of the superannuation interest at the time the amount is transferred or rolled over; and
 (b) the interest is in the growth phase at the amount is transferred or rolled over.
 (5) The requirements of this subregulation are satisfied if:
 (a) the trustee of the superannuation annuity has, in respect of the non‑member spouse's entitlement under the agreement or order, established a new deferred annuity that:
 (i) provides for the payment of benefits to the non‑member spouse, commencing no earlier than the time when, if the new deferred annuity were taken to be an approved deposit fund for the purposes of Part 6 of the SIS Regulations, that Part would permit or require the payment of benefits from the approved deposit fund; and
 (ii) has a value equal to the value of the non‑member spouse's entitlement in respect of the superannuation interest at the time the new deferred annuity is established; and
 (b) the interest is in the growth phase at the time the new deferred annuity is established.
 (6) The requirements of this subregulation are satisfied if:
 (a) the trustee of the superannuation annuity has, in respect of the non‑member spouse's entitlement