Document ID: chunk:federal_register_of_legislation:F2024C01224:front:0:p16
Version: federal_register_of_legislation:F2024C01224
Segment Type: other
Provision Reference: 
Character Range: 38606–41339

1 January 2006—a period that is not less than the period available under sub‑subparagraph 1.07(3A)(a)(iii)(D), and not more than the greater of the following periods:
 (I) the maximum period available under sub‑subparagraph 1.07(3A)(a)(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
 (b) the total amount of the payments to be made in a year (excluding payments by way of commutation but including payments made under a payment split) is determined in accordance with Schedule 4; and
 (c) the market linked pension does not have a residual capital value; and
 (d) the terms and conditions of the market linked pension meet the standards of regulation 1.08; and
 (e) the market linked pension cannot be commuted except:
 (i) if the pension is not funded from the commutation of:
 (A) another pension that is provided under terms and conditions that meet the standards of this subregulation; or
 (B) an annuity that is provided under a contract that meets the standards of subregulation 1.05(2), (3), (9) or (10) of the SIS Regulations; or
 (C) a pension that is provided under rules that meet the standards of subregulation 1.06(2), (3), (7) or (8) of the SIS Regulations;
  and the commutation is made within 6 months after the commencement day of the pension; or
 (ii) subject to subparagraph (iii), on the death of the primary beneficiary or reversionary beneficiary, by payment of:
 (A) a lump sum or a new pension to one or more dependants of either the primary beneficiary or reversionary beneficiary; or
 (B) a lump sum to the legal personal representative of either the primary beneficiary or reversionary beneficiary; or
 (C) if, after making reasonable enquiries, the provider of the pension is unable to find a person mentioned in sub‑subparagraph (A) or (B)—a lump sum to another individual; or
 (iii) for subparagraph (ii), if the primary beneficiary has opted, under subparagraph (a)(iii), for a period worked out in relation to the life expectancy or age of the primary beneficiary's spouse—the market linked pension cannot be commuted until the death of both the primary beneficiary and the spouse; or
 (iv) if the superannuation lump sum resulting from the commutation is transferred directly to the purchase of:
 (A) another pension that is provided under terms and conditions that meet the standards of this subregulation; or
 (B) an annuity that is provided under a contract that meets