Document ID: chunk:federal_register_of_legislation:F2017L00060:reg:6
Version: federal_register_of_legislation:F2017L00060
Segment Type: reg
Provision Reference: reg 6
Character Range: 2107–2973

6  Exempt Lump Sums

  If:

             (a)       a person is a beneficiary of a market-linked income stream; and

             (b)       after the payment of the final year's annual payment from that market-linked income stream there is a residual balance in the relevant account; and

             (c)       clause 3 of Schedule 6 of the Superannuation Industry (Supervision) Regulations 1994 requires that the residual balance in the account of the market-linked income stream is to be paid to the beneficiary within 28 days of the end of the market-linked income stream's term; and

             (d)       the person is in receipt of a social security payment;

          then any amount paid by the market-linked income stream to the person, in accordance with paragraph (c) above, is an exempt lump sum for the purposes of paragraph 8(11)(d) of the Act.