Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p16
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 16/52)
Character Range: 109574–112243

does not meet the standards of any of subregulations (2) to (11A) if, in relation to the death of the annuity recipient on or after 1 July 2007, the annuity is transferred or paid to a person who would not be eligible to be paid a benefit in the form of an annuity under paragraph 6.21(2)(b) or subregulation 6.21(2A) or (2B).
 (12) Despite section 7 of the Income Tax Assessment (1936 Act) Regulation 2015, for an annuity 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.
 (13) In this regulation:
indexation arrangement, in relation to an annuity, means an arrangement specified in the contract for the provision of the annuity that:
 (a) results in the total amount of annuity payments in each year:
 (i) increasing by the same percentage factor; or
 (ii) being adjusted in line with movements in the Consumer Price Index; or
 (iii) being adjusted in line with movements in an index of average weekly earnings published by the Australian Statistician; or
 (iv) being adjusted in accordance with subparagraph (ii) or (iii) but with an increase capped at a maximum level; and
 (b) ensures that, unless APRA otherwise approves, an adjustment is made at least annually to the amount of the annuity payments.

1.05AA  Limited period for full commutation of certain annuities
 (1) For the purposes of subparagraphs 1.05(2)(f)(iiia), (9)(h)(via) and (10)(d)(iva), this subregulation applies to a commutation of a benefit if:
 (a) the commutation occurs during the 5 years beginning on the day this regulation commences; and
 (b) the whole of the benefit is commuted.
 (2) For the purposes of subparagraph 1.05(2)(f)(iiia), this subregulation applies to a commutation of a benefit if the superannuation fund that purchases the benefit or provides the consideration for the benefit:
 (a) is not a defined benefit fund; or
 (b) is a self managed superannuation fund; or
 (c) was, when the benefit commenced to be paid and at all earlier times, a small APRA fund (within the meaning of the Corporations Act 2001).

1.06  Meaning of pension (Act, s 10)
 (1) A benefit is taken to be a pension for the purposes of the Act if:
 (a) it is provided under rules of a superannuation fund that:
 (i) meet the standards of subregulation (9A) or 1.06A(2); and
 (ii) do not permit the capital supporting the pension to be added to by way of contribution or rollover after the pension has commenced; and
 (b) in the case of rules