Document ID: chunk:federal_register_of_legislation:F2015L00825:body:0:p6
Version: federal_register_of_legislation:F2015L00825
Segment Type: other
Provision Reference: 
Character Range: 14517–17761

Regulations, Schedule 1.

Member account                       A distinct entry recorded in the register of member accounts (or other equivalent mechanism).

Unrestricted non-preserved benefits  Represents unrestricted non-preserved benefits within the meaning given in SIS Regulations, Subdivision 6.1.4.

Pension benefit accounts commenced

Item 2 collects information on pension benefit accounts opened in the RSE.

Reporting basis: report item 2 column 2 and item 2 column 3 in respect of transactions that occurred during the reporting period.

Unit of measurement: report item 2 column 2 as a whole number; report item 2 column 3 as thousands of dollars.

Item 2                   Report pension benefit accounts opened during the period by condition of release type in item 2. For the condition of release reported in column 1, report the number of member accounts from which a pension benefit account was opened under in column 2 and the value of pension benefit payments paid in column 3.

                         The condition of release types are: retirement, death, terminal medical condition, permanent incapacity, termination, severe financial hardship, attaining age 65, compassionate grounds, temporary incapacity, attaining preservation age, excess contributions tax (ECT) release, unclaimed money and lost members, lost member who is found, termination with less than $200 or other condition of release.

                         Where a condition of release has been previously met resulting in members' benefits being classified as unrestricted non-preserved benefits, report payments from pension benefit accounts opened during the period as 'release of unrestricted non-preserved benefits' in item 2.1. Report the number of member accounts from which a pension benefit payment was made in column 1 and the value of pension benefits paid in column 2.

                         Where the condition of release is known in respect of a pension benefit account, this amount must be reported in item 2.

Pension benefit account  Represents the member account or portion thereof, from which pension benefit payments are payable under a condition of release. Includes: complying pensions, allocated pensions, annuity payments and payments from longevity products/variable annuities. Excludes: amounts resulting from the commutation of pension benefits. Reference: SIS Regulations, r. 1.05 and r. 1.06.

Pension benefit payment  Represents benefit payments that have been paid as a pension under a condition of release. Includes: account based pension, transition to retirement pension, allocated pensions, annuity payments and other pension income streams. Excludes: transfers, including rollovers and successor fund transfers, within the superannuation system. Reference: SIS Regulations, Divisions 6.2 and 6.3.

Glossary of additional terms

Conditions of release

Retirement condition of release            Represents benefit payments made to a beneficiary based on satisfaction of the retirement condition of release, within the meaning given in SIS Regulations, Schedule 1.

Death condition of release                 Represents benefit payments made to a beneficiary based on satisfaction of the death condition of