Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p21
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 21/52)
Character Range: 121840–124450

year that meets the standard for the minimum amount in that subregulation; or
 (b) that the rules do not ensure that the payments in the year in which the pension is to end meet the standard for the minimum amount in that subregulation.
 (6) Rules:
 (a) that do not meet the standards in subregulation (2); and
 (b) that provide that the size of the payments of benefit in a year is fixed, allowing for variation only as specified in the rules or to allow payments to be made under a payment split; and
 (c) under which the commencement day is on or after 1 July 1994;
meet the standards in this subregulation if they at least ensure that:
 (d) the standards in paragraphs (2)(f), (g) and (h) are met; and
 (e) except in relation to payments, by way of commutation, for superannuation contributions surcharge, variation in payments from year to year does not exceed, in any year, the average rate of increase of the CPI in the preceding 3 years; and
 (f) payments in accordance with the contracted size are made at least annually; and
 (g) if, under the rules, the pension can be commuted—except if conversion is in relation to a commutation to pay a superannuation contributions surcharge, the conversion to a lump sum is limited to a sum that is not greater than the sum determined by applying the appropriate pension valuation factor under Schedule 1B to the pension as if the commencement day were the day on which the commutation occurs.
 (7) Rules meet the standards of this subregulation if the rules ensure that:
 (a) for a pension that has a commencement day before 20 September 2004:
 (i) if the life expectancy of the primary beneficiary on the commencement day is less than 15 years—the pension is paid at least annually to the primary beneficiary or to a reversionary beneficiary throughout a period equal to the primary beneficiary's life expectancy on the commencement day, rounded up, at the primary beneficiary's option, to the next whole number if the primary beneficiary's life expectancy does not consist of a whole number of years; or
 (ii) if the life expectancy of the primary beneficiary on the commencement day is 15 years or more—the pension is paid at least annually to the primary beneficiary or to a reversionary beneficiary throughout a period that is not less than 15 years but not more than the primary beneficiary's life expectancy on the commencement day, rounded up, at the primary beneficiary's option, to the next whole number if the primary beneficiary's life expectancy does not consist of a whole number of years; and
 (b) for a pension that has a commencement day on or