Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p28
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 28/52)
Character Range: 139155–141785

on or after 1 June in a financial year, no payment is required to be made for that financial year.
 (9A) Rules for the provision of a benefit (the pension) meet the standards of this subregulation if the rules ensure that payment of the pension is made at least annually, and also ensure that:
 (a) for a pension in relation to which there is an account balance attributable to the beneficiary—the total of payments in any year (excluding payments by way of commutation but including payments under a payment split) is at least the amount calculated under clause 1 of Schedule 7; and
 (b) for a pension that is not described in paragraph (a):
 (i) both of the following apply:
 (A) the rules do not provide for a residual capital value, commutation value or withdrawal benefit greater than 100% of the purchase price of the pension;
 (B) the total of payments in any year (excluding payments by way of commutation but including payments under a payment split) is at least the amount calculated under clause 2 of Schedule 7; or
 (ii) each of the following applies:
 (A) the pension is payable throughout the life of the beneficiary (primary or reversionary), or for a fixed term of years that is no greater than the difference between the primary beneficiary's age on the commencement day and age 100;
 (B) there is no arrangement for an amount (or a percentage of the purchase price) prescribed by the rules to be returned to the recipient when the pension ends;
 (C) the total of payments from the pension in the first year (excluding payments by way of commutation but including payments under a payment split) is at least the amount calculated under clause 2 of Schedule 7;
 (D) the total of payments from the pension in a subsequent year cannot vary from the total of payments in the previous year unless the variation is as a result of an indexation arrangement or the transfer of the pension to another person;
 (E) if the pension is commuted, the commutation amount cannot exceed the benefit that was payable immediately before the commutation; or
 (iii) the standards of subregulation (2) are met; or
 (iv) for rules in existence at the date of registration of the Superannuation Industry (Supervision) Amendment Regulations 2007 (No. 3), the standards of subregulation (2) would be met, except for the circumstances in which those rules allow for either or both of the following:
 (A) the pension to be commuted;
 (B) the variation or cessation of pension payments in respect of a child of the deceased; and
 (c) the pension is transferable to another person only on the death of the beneficiary (primary or reversionary,