Document ID: chunk:federal_register_of_legislation:F2024C01224:front:0:p14
Version: federal_register_of_legislation:F2024C01224
Segment Type: other
Provision Reference: 
Character Range: 33783–36372

of another reversionary beneficiary; and
 (b) the capital value of the pension, and the income from it, cannot be used as security for a borrowing; and
 (c) payments are made at least once in each financial year; and
 (d) for a pension that has a commencement day before 1 January 2006—the payments in a year (excluding payments by way of commutation but including payments made under a payment split) are not larger or smaller in total than, respectively, the maximum and minimum limits calculated in accordance with Schedule 1; and
 (da) for a pension that has a commencement day on or after 1 January 2006—the payments in a year (excluding payments by way of commutation but including payments made under a payment split) are not larger or smaller in total than the following:
 (i) for payments made during the period starting on 1 January 2006 and ending on 30 June 2006—the respective maximum and minimum limits for the year calculated in accordance with 1 of the following Schedules:
 (A) Schedule 1;
 (B) Schedule 1A;
 (ii) for payments made on or after 1 July 2006—the respective maximum and minimum limits for the year calculated in accordance with Schedule 1A; and
 (e) for a pension that has a commencement day before 1 January 2006—before full commutation or transfer of the pension, a payment at least equal to the minimum limits calculated in accordance with Schedule 1 must be made; and
 (ea) for a pension that has a commencement day on or after 1 January 2006—before full commutation or transfer of the pension, a payment is made that is:
 (i) for a payment made during the period starting on 1 January 2006 and ending on 30 June 2006—at least equal to the minimum limit for the year calculated in accordance with which 1 of the following Schedules was chosen for the pension under paragraph 1.07(2)(da):
 (A) Schedule 1;
 (B) Schedule 1A;
 (ii) for a payment made on or after 1 July 2006—at least equal to the minimum limit for the year calculated in accordance with Schedule 1A.
 (3) For the purpose of determining whether the terms and conditions meet the standards in paragraphs (2)(c) and (d), it is immaterial:
 (a) that:
 (i) the commencement day occurs on or after 1 April in a financial year; and
 (ii) the terms and conditions do not provide for the payment of an amount in that financial year that meets the standard for the minimum limit in paragraph (2)(d); or
 (b) that the terms and conditions do not ensure that the payments in the year in which the pension is to end meet the standard for the minimum limit in paragraph 2(d).
 (3A) Terms and conditions of