Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p27
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 27/52)
Character Range: 136594–139371

the life expectancy or age of the primary beneficiary's spouse—the market linked pension 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), (9) or (10); or
 (B) a pension that is provided under rules that meet the standards of this subregulation, or subregulation 1.06(2), (3) or (7); or
 (C) a pension that is provided under terms and conditions that meet the standards of subregulation 1.07(3A) of the RSA Regulations;
 (iva) subregulation 1.06C(1) applies to the commutation;
 (v) to pay a superannuation contributions surcharge;
 (vi) to give effect to an entitlement of a non‑member spouse under a payment split;
 (vii) for the purpose of paying an amount under Division 131 or 135 in Schedule 1 to the Taxation Administration Act 1953, or section 292‑80C of the Income Tax (Transitional Provisions) Act 1997, to give effect to a release authority in respect of the primary beneficiary;
 (viii) the pension was commenced in contravention of Part 6 and the commutation would result in an obligation to pay an amount to the Commissioner of Taxation under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999;
 (ix) in order to comply with section 136‑80 in Schedule 1 to the Taxation Administration Act 1953; and
 (e) if the market linked pension reverts—it does not have a reversionary component greater than 100% of the account balance immediately before the reversion; and
 (f) if the market linked pension is commuted—the commutation amount cannot exceed the account balance immediately before the commutation; and
 (g) the market linked pension can be transferred only:
 (i) on the death of the primary beneficiary:
 (A) to 1 of the dependants of the primary beneficiary; or
 (B) to the legal personal representative of the primary beneficiary; or
 (ii) on the death of the reversionary beneficiary:
 (A) to 1 of the dependants of the reversionary beneficiary; or
 (B) to the legal personal representative of the reversionary beneficiary; and
 (h) the capital value of the market linked pension, and the income from it, cannot be used as security for a borrowing.
 (9) Rules mentioned in subregulation (8) are not prevented from meeting the standards of that subregulation by reason only that the rules provide that, if the commencement day of the pension is on or after 1 June in a financial year, no payment is required to be made for that financial year.
 (9A) Rules for the provision of a benefit (the pension) meet the standards of this subregulation if the rules ensure