Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p23
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 23/52)
Character Range: 126698–129292

the maximum period available under sub‑subparagraph 1.06(7)(b)(iii)(E);
 (II) the period of years equal to the number that is the difference between the age attained by the spouse at his or her most recent birthday before the commencement day, and 100;
  at the option of the primary beneficiary, and rounded up to the next whole number if the life expectancy of the spouse, or the period, does not consist of a whole number of years; and
 (c) the total amount of the payment, or payments, to be made in the first year after the commencement day (not taking commuted amounts into account) is fixed and that payment, or the first of those payments, relates to the period commencing on the day the primary beneficiary became entitled to the pension; and
 (d) the total amount of the payments to be made in a year other than the first year after the commencement day (not taking commuted amounts into account) does not fall below the total amount of the payments made in the immediately preceding year (the previous total), and does not exceed the previous total:
 (i) if CPIc is less than or equal to 4%—by more than 5% of the previous total; or
 (ii) if CPIc is more than 4%—by more than CPIc + 1%;
  where:
  CPIc is the change (if any), expressed as a percentage, determined by comparing the quarterly CPI first published by the Australian Statistician for the second‑last quarter before the day on which the first of those payments is to be made and the quarterly CPI first published by the Australian Statistician for the same quarter in the immediately preceding year;
  and
 (e) the total amount of the payments to be made in a year in accordance with paragraph (c) or (d) may be varied only:
 (i) to allow commutation to pay a superannuation contributions surcharge; or
 (ii) to allow an amount to be paid under a payment split and reasonable fees in respect of the payment split to be charged; or
 (iii) to allow commutation in order to comply with section 136‑80 in Schedule 1 to the Taxation Administration Act 1953; and
 (f) the pension does not have a residual capital value; and
 (g) the pension cannot be commuted except in any of the following circumstances:
 (i) the pension is not funded from the commutation of:
 (A) an annuity that meets the standards of subregulation 1.05(2), (3), (9) or (10); or
 (B) a pension that meets the standards of this subregulation or subregulation (2), (3) or (8); or
 (C) a pension that meets the standards of subregulation 1.07(3A) of the RSA Regulations;
  and the commutation is made within 6 months after the commencement day of the pension;