Document ID: chunk:federal_register_of_legislation:F2023C01022:reg:53:p1
Version: federal_register_of_legislation:F2023C01022
Segment Type: reg
Provision Reference: reg 53 (pt 1/2)
Character Range: 150157–152801

53  Amount to be paid to non‑member spouse—optional lump sum—payment of part of adjusted base amount
 (1) This regulation applies in relation to the superannuation interest if:
 (a) benefits in respect of the interest are not payable as an allocated pension or a market linked pension; and
 (b) the member spouse or other person may, under the governing rules of the relevant eligible superannuation plan, choose (by way of a commutation of a pension payable to him or her, or otherwise) to take a lump sum that is at least the amount of the adjusted base amount applicable to the non‑member spouse at that time without losing the right to take the remaining part of the benefits in respect of the interest as a pension; and
 (c) the non‑member spouse has served a request, in accordance with Form 3 in Schedule 1, on the trustee of the plan requesting that the non‑member spouse be paid, as a lump sum, a proportion of the adjusted base amount applicable to the non‑member spouse at that time.
 (2) The member spouse must choose to be paid, as a lump sum, an amount that is at least the amount calculated in accordance with the following formula (the minimum lump sum):

where:
ABA is the amount of the adjusted base amount applicable to the non‑member spouse at the date when the first splittable payment becomes payable in respect of the superannuation interest (the applicable adjusted base amount).
Prop. is the proportion of the applicable adjusted base amount that the non‑member spouse has requested to be paid, as a lump sum, to him or her in the request served on the trustee.
Comm has the same meaning as in subregulation 51(3).
Py+m has the same meaning as in subregulation 51(3).
 (3) The amount that the non‑member spouse is entitled to be paid in respect of the superannuation interest is:
 (a) the amount of the minimum lump sum; and
 (b) the amount, calculated in accordance with subregulation (4), from:
 (i) if the member spouse chooses to be paid, as a lump sum, an amount that is more than the minimum lump sum—the amount that is the difference between the actual lump sum paid and the minimum lump sum; and
 (ii) each other splittable payment that becomes payable in respect of the superannuation interest.
 (4) For paragraph (3)(b), the amount is calculated in accordance with the following formula:

where:
ABA is the amount of the adjusted base amount applicable to the non‑member spouse at the date when the first splittable payment became payable in respect of the superannuation interest (the applicable adjusted base amount).
Prop. is the proportion of the applicable adjusted base amount that the non‑member spouse