Document ID: chunk:federal_register_of_legislation:F2024C01224:front:0:p17
Version: federal_register_of_legislation:F2024C01224
Segment Type: other
Provision Reference: 
Character Range: 41089–43795

resulting from the commutation is transferred directly to the purchase of:
 (A) another pension that is provided under terms and conditions that meet the standards of this subregulation; or
 (B) an annuity that is provided under a contract that meets the standards of subregulation 1.05(2), (3), (9) or (10) of the SIS Regulations; or
 (C) a pension that is provided under rules that meet the standards of subregulation 1.06(2), (3), (7) or (8) of the SIS Regulations; or
 (iva) if regulation 1.08AA applies to the commutation; or
 (v) to pay a superannuation contributions surcharge; or
 (vi) to give effect to an entitlement of a non‑member spouse under a payment split; or
 (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; or
 (viii) the market linked pension was commenced in contravention of Part 4 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; or
 (ix) in order to comply with section 136‑80 in Schedule 1 to the Taxation Administration Act 1953; and
 (f) 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
 (g) if the market linked pension is commuted, the commutation amount cannot exceed the account balance immediately before the commutation; and
 (h) 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
 (i) the capital value of the market linked pension, and the income from it, cannot be used as security for a borrowing.
 (3B) Terms and conditions mentioned in subregulation (3A) are not prevented from meeting the standards of that subregulation by reason only that the terms or conditions 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.
 (3C) Despite section 7 of the Income Tax Assessment (1936 Act) Regulation 2015, for a pension that has a commencement day on or after 20 September 2004 and on or before 31 December 2004, one of the