Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p14
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 14/52)
Character Range: 104664–107415

(iv) 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 1.05(2), (3) or (9) or this subregulation; or
 (B) a pension that is provided under rules that meet the standards of subregulation 1.06(2), (3), (7) or (8); or
 (C) a pension that is provided under terms and conditions that meet the standards of subregulation 1.07(3A) of the RSA Regulations;
 (iva) subregulation 1.05AA(1) applies to the commutation;
 (v) to pay a superannuation contributions surcharge;
 (vi) to give effect to an entitlement of a non‑member spouse under a payment split;
 (vii) 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;
 (viii) the annuity 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;
 (ix) in order to comply with section 136‑80 in Schedule 1 to the Taxation Administration Act 1953; and
 (e) if the market linked annuity reverts, it does not have a reversionary component greater than 100% of the account balance immediately before the reversion; and
 (f) if the market linked annuity is commuted, the commutation amount cannot exceed the account balance immediately before the commutation; and
 (g) the market linked annuity can be transferred only:
 (i) on the death of the primary beneficiary:
 (A) to 1 of the dependants of the primary beneficiary; or
 (B) to the legal personal representative of the primary beneficiary; or
 (ii) on the death of the reversionary beneficiary:
 (A) to 1 of the dependants of the reversionary beneficiary; or
 (B) to the legal personal representative of the reversionary beneficiary; and
 (h) the capital value of the market linked annuity, and the income from it, cannot be used as security for a borrowing.
 (11) A contract mentioned in subregulation (10) is not prevented from meeting the standards of that subregulation by reason only that the contract provides that, if the commencement day of the annuity is on or after 1 June in a financial year, no payment is required to be made for that financial year.
 (11A) A contract for the provision of a benefit (the annuity) meets the standards of this subregulation if the contract ensures that payment of the annuity is made at least annually, and also ensures that:
 (a) for an annuity in relation to which there