Document ID: chunk:federal_register_of_legislation:F2023C01022:reg:11
Version: federal_register_of_legislation:F2023C01022
Segment Type: reg
Provision Reference: reg 11
Character Range: 44035–46072

11  Meaning of unsplittable interest (Act s 90XD, 90YD)
 (1) Subject to subregulation (2), for the definitions of unsplittable interest in sections 90XD and 90YD of the Act, a superannuation interest of a member spouse described in subregulation (1A) or (1B) is prescribed.
Note: This regulation prescribes the kinds of superannuation interests that are unsplittable interests. An unsplittable interest cannot be the subject of a payment split under a superannuation agreement, a flag lifting agreement or a splitting order: see Parts VIIIB and VIIIC of the Act.
 (1A) For subregulation (1), the superannuation interest of the member spouse must be:
 (a) an interest other than one in respect of which the whole or remaining part of the benefits are being paid to the member spouse as:
 (i) a lifetime pension or fixed‑term pension that the member is no longer entitled to commute; or
 (ii) a lifetime annuity or fixed‑term annuity; and
 (b) an interest with a withdrawal benefit in relation to the member spouse of less than $5 000.
 (1B) For subregulation (1), the superannuation interest of the member spouse must be an interest in respect of which:
 (a) the whole or remaining part of the benefits are being paid to the member spouse as:
 (i) a lifetime pension or fixed‑term pension that the member is no longer entitled to commute; or
 (ii) a lifetime annuity or fixed‑term annuity; and
 (b) the amount of the annual benefit payable to the member is less than $2 000.
 (2) This regulation does not apply to any of the following superannuation interests:
 (a) a superannuation interest in the Judges' Pensions Act Scheme;
 (b) a superannuation interest in the scheme provided under the Judges' Pensions Act 1971 of South Australia;
 (c) a superannuation interest in the scheme constituted by the Parliamentary Contributory Superannuation Act 1948.
 (3) To avoid doubt, an interest that is not covered by this regulation is not an unsplittable interest only because payments in respect of that interest are not splittable payments.