Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p24
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 24/52)
Character Range: 129045–131857

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;
 (ii) subject to subparagraph (iv), by payment, on the death of the primary beneficiary, to the benefit of a reversionary beneficiary or, if there is no reversionary beneficiary, to the estate of the primary beneficiary;
 (iii) subject to subparagraph (iv), by payment, on the death of a reversionary beneficiary, to the benefit of another reversionary beneficiary, or, if there is no other reversionary beneficiary, to the estate of the reversionary beneficiary;
 (iv) for subparagraphs (ii) and (iii), if the primary beneficiary has opted, under subparagraph (b)(iii), for a period worked out in relation to the life expectancy or age of the primary beneficiary's spouse—the pension cannot be commuted until the death of both the primary beneficiary and the spouse;
 (v) the superannuation lump sum resulting from the commutation is transferred directly to the purchase of another benefit that is:
 (A) an annuity provided under a contract that meets the standards of subregulation (2), (3), (9) or (10); or
 (B) a pension that is provided under rules that meet the standards of subregulation 1.06(2), (3) or (8) or this subregulation; or
 (C) a pension that is provided under terms and conditions that meet the standards of subregulation 1.07(3A) of the RSA Regulations;
 (va) subregulation 1.06C(1) applies to the commutation;
 (vi) to pay a superannuation contributions surcharge;
 (vii) to give effect to an entitlement of a non‑member spouse under a payment split;
 (viii) for the purpose of paying an amount under Division 131 or 135 in Schedule 1 to the Taxation Administration Act 1953, or section 292‑80C of the Income Tax (Transitional Provisions) Act 1997, to give effect to a release authority in respect of the primary beneficiary;
 (ix) the pension was commenced in contravention of Part 6 and the commutation would result in an obligation to pay an amount to the Commissioner of Taxation under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999;
 (x) in order to comply with section 136‑80 in Schedule 1 to the Taxation Administration Act 1953; and
 (h) if the pension reverts, it does not have a reversionary component greater than 100% of the benefit that was payable before the reversion; and
 (i) if the pension is commuted, the commuted amount cannot exceed the benefit that was payable immediately before the commutation; and
 (j) the pension cannot be transferred to a person except:
 (i) on the death of the primary beneficiary, to a reversionary beneficiary or, if there is no reversionary beneficiary, to