Document ID: chunk:federal_register_of_legislation:F2024C01224:front:0:p18
Version: federal_register_of_legislation:F2024C01224
Segment Type: other
Provision Reference: 
Character Range: 43576–46128

that financial year.
 (3C) Despite section 7 of the Income Tax Assessment (1936 Act) Regulation 2015, for a pension that has a commencement day on or after 20 September 2004 and on or before 31 December 2004, one of the following life tables are to be used in ascertaining the life expectancy of a person under this regulation:
 (a) the most recently published Australian Life Tables;
 (b) the 1995‑97 Australian Life Tables.
 (3D) Terms and conditions for the provision of a benefit (the pension) meet the standards of this subregulation if the terms and conditions ensure that payment of the pension is made at least annually, and also ensure that:
 (a) 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 5; and
 (b) the pension is transferable only on the death of the beneficiary (primary or reversionary, as the case may be); and
 (c) the capital value of the pension and the income from it cannot be used as a security for a borrowing.
 (3E) Terms and conditions of an RSA do not meet the standards of any of subregulations (2), (3A) or (3D) if, in relation to the death of the beneficiary on or after 1 July 2007, the pension is transferred or paid to a person who would not be eligible to be paid a benefit in the form of a pension under subregulation 4.24(3A) or (3B).
 (4) A benefit that is a pension provided under an RSA does not cease to be a pension for the purposes of the Act if the terms and conditions of the RSA do not meet the standards of subregulation (2) merely because of a payment split in respect of the RSA and any reasonable fees associated with the payment split.
 (5) In this regulation:
rolled over means paid as a superannuation lump sum within the superannuation system.

1.08  Commutation of market linked pension
 (1) This regulation applies in relation to the terms and conditions of an RSA mentioned in paragraph 1.07(3A)(d) for a market linked pension.
 (2) The terms and conditions meet the standards of this regulation if they ensure that the pension cannot be commuted, in whole or in part, unless:
 (a) the commutation results from the death of a pensioner or a reversionary pensioner; or
 (b) the sole purpose of the commutation is:
 (i) to pay a superannuation contributions surcharge; or
 (ii) to give effect to an entitlement of a non‑member spouse under a payment split; or
 (iii) to meet the rights of a client to return a financial product under Division 5 of Part 7.9 of