Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p17
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 17/66)
Character Range: 267607–270291

when the scheme became an exempt public sector superannuation scheme; or
 (b) in any other case—at the end of the day when the trustee of the fund lodges an election under section 19 of the Act.
transition to retirement income stream means:
 (a) an annuity provided under a contract that:
 (i) is a contract to which paragraph 1.05(11A)(a) applies and that meets the standards of subregulation 1.05(11A); and
 (ii) allows total payments (excluding payments by way of commutation, but including payments under a payment split) made in a financial year to amount to no more than 10% of the annuity account balance:
 (A) on 1 July in the financial year in which the payment is made; or
 (B) if that year is the year in which the annuity commences—on the commencement day;
  unless the annuitant has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non‑preserved benefits is 'Nil'; and
 (iii) complies with paragraphs (b) and (c) of the definition of non‑commutable allocated annuity in subregulation 6.01AA(1), as if it were such an annuity; or
 (b) a pension provided from a superannuation fund, the rules of which:
 (i) are rules to which paragraph 1.06(9A)(a) applies and that meet the standards of subregulation 1.06(9A); and
 (ii) allow total payments (excluding payments by way of commutation but including payments under a payment split) made in a financial year to amount to no more than 10% of the pension account balance:
 (A) on 1 July in the financial year in which the payment is made; or
 (B) if that year is the year in which the pension commences—on the commencement day;
  unless the pensioner has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non‑preserved benefits is 'Nil'; and
 (iii) comply with paragraph (b) of the definition of non‑commutable allocated pension in subregulation 6.01AB(1), as if it were such a pension.
type A member means a member of a regulated superannuation fund included in a class of members for which no changeover day, fixed under these regulations as in force before 30 June 1998, was reached before 30 June 1998 in relation to that fund.
type B member means a member of a regulated superannuation fund included in a class of members for which a changeover day, fixed under these regulations as in force before 30 June 1998, was reached before 30 June 1998 in relation to that fund.
 (5) For the purposes of Schedule 1, a person is taken to be in severe financial hardship if:
 (a) the trustee of a superannuation entity is satisfied:
 (i) based on written evidence provided by at least one Commonwealth