Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p8
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 8/52)
Character Range: 89862–92522

the payment would not result, in any future year, in the rate of increase in size of the total payments for the year exceeding the average rate of increase of the CPI in the preceding 3 years).
 (8) A contract for the provision of a benefit (in this subregulation called the annuity):
 (a) that does not meet all the standards in any other provision of this regulation; and
 (b) under which the commencement day is on or after 22 December 1992; and
 (c) that provides for:
 (i) payments whose size in a year is fixed, allowing for variation only as specified in the contract; and
 (ii) additional payments whose size is not fixed, derived from the application of part of the purchase price to investments by allocation of the annuity provider;
meets the standards of this subregulation if it at least ensures that:
 (d) in respect of fixed‑size payments—if the commencement day is on or after 1 July 1994, the standards in subregulation (6) are met; and
 (e) in respect of payments whose size is not fixed—the standards in subregulation (4) are met.
Note: 22 December 1992 was the date of Royal Assent to the Taxation Laws Amendment (Superannuation) Act 1992.
 (9) A contract for the provision of a benefit (in this subregulation called the annuity) meets the standards of this subregulation if the contract ensures that:
 (a) for an annuity that has a commencement day before 20 September 2004:
 (i) if the life expectancy of the primary beneficiary on the commencement day is less than 15 years—the annuity is paid at least annually to the primary beneficiary or to a reversionary beneficiary throughout a period equal to the primary beneficiary's life expectancy on the commencement day, rounded up, at the primary beneficiary's option, to the next whole number if the primary beneficiary's life expectancy does not consist of a whole number of years; or
 (ii) if the life expectancy of the primary beneficiary on the commencement day is 15 years or more—the annuity is paid at least annually to the primary beneficiary or to a reversionary beneficiary throughout a period that is not less than 15 years but not more than the primary beneficiary's life expectancy on the commencement day, rounded up, at the primary beneficiary's option, to the next whole number if the primary beneficiary's life expectancy does not consist of a whole number of years; and
 (b) for an annuity that has a commencement day on or after 20 September 2004:
 (i) the annuity is paid at least annually to the primary beneficiary or to a reversionary beneficiary throughout a period equal to the primary beneficiary's life expectancy on the commencement day, rounded up to the next