Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p13
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 13/52)
Character Range: 102185–104922

spouse were up to 5 years younger on the commencement day; or
 (F) if the annuity has a commencement day on or after 1 January 2006—a period that is not less than the period available under sub‑subparagraph 1.05(10)(a)(iii)(D), and not more than the greater of the following periods:
 (A) the maximum period available under sub‑subparagraph 1.05(10)(a)(iii)(E);
 (B) the period of years equal to the number that is the difference between the age attained by the spouse at his or her most recent birthday before the commencement day, and 100;
  at the option of the primary beneficiary, and rounded up to the next whole number if the life expectancy of the spouse, or the period, does not consist of a whole number of years; and
 (b) the total amount of the payments to be made in a year (excluding payments by way of commutation but including payments made under a payment split) is determined in accordance with Schedule 6; and
 (c) the market linked annuity does not have a residual capital value; and
 (d) the market linked annuity cannot be commuted except in any of the following circumstances:
 (i) the annuity is not funded from the commutation of:
 (A) another annuity that is provided under a contract that meets the standards of subregulation (2), (3) or (9) or this subregulation; or
 (B) a pension that is provided under rules that meet the standards of subregulation 1.06(2), (3), (7) or (8); or
 (C) a pension that is provided under terms and conditions that meet the standards of subregulation 1.07(3A) of the RSA Regulations;
  and the commutation is made within 6 months after the commencement day of the annuity;
 (ii) subject to subparagraph (iii), on the death of the primary beneficiary or reversionary beneficiary, by payment of:
 (A) a lump sum or a new annuity to one or more dependants of either the primary beneficiary or reversionary beneficiary; or
 (B) a lump sum to the legal personal representative of either the primary beneficiary or reversionary beneficiary; or
 (C) if, after making reasonable enquiries, the provider of the annuity is unable to find a person mentioned in sub‑subparagraph (A) or (B)—a lump sum to another individual;
 (iii) for subparagraph (ii), if the primary beneficiary has opted, under subparagraph (a)(iii), for a period worked out in relation to the life expectancy or age of the primary beneficiary's spouse—the market linked annuity cannot be commuted until the death of both the primary beneficiary and the spouse;
 (iv) the superannuation lump sum resulting from the commutation is transferred directly to the purchase of another benefit that is:
 (A) an annuity provided under a contract that meets the standards of subregulation 1.05(2), (3) or (9) or this subregulation;