Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p5
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 5/52)
Character Range: 82520–85310

(B) in any other case—20 years;
 (iii) the superannuation lump sum resulting from the commutation is transferred directly for the purpose of purchasing another benefit provided under:
 (A) a contract that meets the standards of this subregulation or subregulation (3), (9) or (10); or
 (B) rules that meet the standards of subregulation 1.06(2), (3), (7) or (8); or
 (C) terms and conditions that meet the standards of subregulation 1.07(3A) of the RSA Regulations;
 (iiia) subregulations 1.05AA(1) and (2) apply to the commutation;
 (iv) to pay a superannuation contributions surcharge;
 (v) to give effect to an entitlement of a non‑member spouse under a payment split;
 (vi) 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;
 (vii) the annuity 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; and
 (g) if the annuity reverts or is commuted, it does not have a reversionary component greater than 100% of the benefit that was payable before the reversion or the commutation; and
 (h) the annuity cannot be transferred to a person other than a reversionary beneficiary on the death of the primary beneficiary or of another reversionary beneficiary; and
 (i) the capital value of the annuity, and the income from it, cannot be used as security for a borrowing.
 (3) For the purpose of determining whether an annuity meets the standards in subregulation (2), it is immaterial that:
 (a) if the primary beneficiary dies within the period used for subparagraph (2)(f)(ii), a surviving reversionary beneficiary may obtain a payment equal to the total payments that the primary beneficiary would have received, if the primary beneficiary had not died, from the day of the death until the end of the period; and
 (b) if the primary beneficiary dies within the period used for subparagraph (2)(f)(ii) and there is no surviving reversionary beneficiary, an amount, not exceeding the difference between the sum of the amounts paid to the primary beneficiary and the sum of the amounts that would have been so payable in the period, is payable to the primary beneficiary's estate; and
 (c) if the primary beneficiary dies within the period used for subparagraph (2)(f)(ii) and there is a surviving reversionary beneficiary who also dies within that period, there is payable to the reversionary beneficiary's estate an amount determined as described in paragraph (b) as if that paragraph applied to the