Document ID: chunk:federal_register_of_legislation:F2025L00178:clause:3_47
Version: federal_register_of_legislation:F2025L00178
Segment Type: clause
Provision Reference: sch 3 cl 47
Character Range: 485156–486295

47  Method—restriction on lump sum amount that may be taken as pension
 (1) This clause applies if:
 (a) the benefit in respect of the interest is payable as a lump sum; and
 (b) the governing rules of the eligible superannuation plan in which the interest is held restrict the amount of the lump sum that may be taken as a pension.
 (2) The method is:
where:
Maxp% means:
 (a) the maximum possible amount of lump sum that, at the end of the minimum deferral period, may be converted to a pension expressed as a percentage of the lump sum that would be payable if the whole benefit were to be taken as a lump sum; or
 (b) if the percentage calculated under paragraph (a) is greater than 75%—75%.
PVls means the present value of the lump sum that would apply if the whole benefit were to be taken as a lump sum, calculated using the method set out in Part 6 of this Schedule.
PVp means the present value of the pension that would apply if the whole benefit were to be taken as a pension, calculated using the method set out in Part 7 of this Schedule.
 (3) In this clause:
minimum deferral period has the meaning given by subclause 39(4).