Document ID: chunk:federal_register_of_legislation:C2010C00648:clause:1_57:p2
Version: federal_register_of_legislation:C2010C00648
Segment Type: clause
Provision Reference: sch 1 cl 57 (pt 2/2)
Character Range: 59308–61051

annuity, having regard to:
 (a) to the extent to which the payments depend on the returns of the investment of the assets of the *life insurance company paying the annuity—when the payments are made and when those returns are derived; and
 (b) to the extent to which the payments do not depend on those returns—the relative sizes of the payments from year to year; and
 (c) any other relevant factors.

320‑247  Policy split into an exempt life insurance policy and another life insurance policy

When is a part of a policy taken to be an exempt life insurance policy?

 (1) A part of a *life insurance policy (the original policy) is taken to be an *exempt life insurance policy for the purposes of this Act if:
 (a) the part provides solely for the discharge of the current pension liabilities (within the meaning of Part IX of the Income Tax Assessment Act 1936) of a *complying superannuation fund; and
 (b) the trustee of the fund holds the original policy.

 (2) A part of a *life insurance policy (the original policy) is taken to be an *exempt life insurance policy for the purposes of this Act if:
 (a) the part provides solely for the discharge of liabilities that are attributable to the current pension liabilities (within the meaning of Part IX of the Income Tax Assessment Act 1936) of *complying superannuation funds; and
 (b) the trustee of a *pooled superannuation trust holds the original policy; and
 (c) the funds are unit holders of the trust.

What happens to the rest of the policy?

 (3) If a part of a policy (the original policy) is taken to be an *exempt life insurance policy under subsection (1) or (2), the rest of the original policy is taken to be another *life insurance policy for the purposes of this Act.