Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p3
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 3/52)
Character Range: 77609–80342

also meets the standards of regulation 1.07A; and
 (f) for a benefit that arises under a contract that meets the standards of subregulation (2), (6), (7) or (9)—the contract also meets the standards of regulation 1.07B; and
 (g) for a benefit that arises under a contract that meets the standards of subregulation (8):
 (i) the benefit can be taken to consist of two benefits:
 (A) an annuity that arises from that part of the contract that provides for payments whose size is not fixed; and
 (B) an annuity that arises from that part of the contract that provides for payments whose size in a year is fixed; and
 (ii) the contract meets the standards of regulation 1.07A in relation to the annuity mentioned in sub‑subparagraph (i)(A); and
 (iii) the contract meets the standards of regulation 1.07B in relation to the annuity mentioned in sub‑subparagraph (i)(B); and
 (h) for a benefit that arises under a contract that meets the standards of subregulation (10), and has a commencement day on or after 20 September 2004—the contract also meets the standards of regulation 1.07C.
 (1B) A benefit provided by a life insurance company or registered organisation that commenced to be paid on or after 20 September 2007 is taken to be an annuity for the purposes of the Act if:
 (a) the benefit arises under a contract that meets the standards of:
 (i) subregulation 1.05(9) or (10); and
 (ii) subregulation 1.05(11A); and
 (b) the benefit was purchased with a rollover superannuation benefit that resulted from the commutation of:
 (i) an annuity provided under a contract that meets the standards of subregulation 1.05(2), (9) or (10); or
 (ii) a pension provided under rules that meet the standards of subregulation 1.06(2), (7) or (8); or
 (iii) a pension provided under terms and conditions that meet the standards of subregulation 1.07(3A) of the RSA Regulations; and
 (c) for a benefit that arises under a contract that meets the standards of subregulation (9)—the contract also meets the standards of regulation 1.07B; and
 (d) for a benefit that arises under a contract that meets the standards of subregulation (10)—the contract also meets the standards of regulation 1.07C.
 (2) A contract for the provision of a benefit (in this subregulation called the annuity) meets the standards of this subregulation if it ensures that:
 (a) the annuity is paid at least annually throughout the life of the primary beneficiary in accordance with paragraphs (b) and (c) and, if there is a reversionary beneficiary:
 (i) throughout the reversionary beneficiary's life; or
 (ii) if he or she is a child of the primary beneficiary or of a former reversionary beneficiary under the annuity—at least until his or her 16th birthday; or
 (iii)