Document ID: chunk:federal_register_of_legislation:F2024L01596:clause:1_21
Version: federal_register_of_legislation:F2024L01596
Segment Type: clause
Provision Reference: sch 1 cl 21
Character Range: 11789–12795

21  In the appropriate position in Chapter 7
Insert:

Part 1000‑7—Transitional matters relating to the Treasury Laws Amendment (Legacy Retirement Product Commutations and Reserves) Regulations 2024

1000‑7.01  Transitional provision—pension reserves
 (1) This section applies to working out, for the purposes of subsection 292‑90.02(4), whether a reserve of a complying superannuation plan is a pension reserve at a time occurring on or after the commencement of this section.
 (2) If, before that commencement:
 (a) the reserve was used for the purpose of enabling the plan to discharge all or part of a liability of the plan to pay a superannuation income stream benefit from a superannuation income stream; and
 (b) the superannuation income stream was commuted or otherwise ceased; and
 (c) after the commutation or cessation, an amount was allocated from the reserve for a person; and
 (d) immediately before the commutation or cessation, the reserve was a pension reserve;
disregard the allocation.