Commonwealth Numbered Regulations

SUPERANNUATION INDUSTRY (SUPERVISION) AMENDMENT REGULATIONS 2005 (NO. 7) (SLI NO 333 OF 2005) - SCHEDULE 1

(regulation 3)

[1]           Subregulations 6.15A (2) to (5)

substitute

         (2)   An investment earning in relation to a benefit of any kind is an unrestricted non-preserved benefit on a day if:

                (a)    the benefit was cashed, before that day, in the form of a non-commutable life pension; and

               (b)    for a benefit that was commenced under the condition of release mentioned in item 109A or 208 of Schedule 1, the pensioner has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non-preserved benefits is ‘Nil’; and

                (c)    the pension commenced to be paid before that day.

         (3)   An investment earning in relation to a benefit of any kind is an unrestricted non-preserved benefit on a day if:

                (a)    the benefit was cashed, before that day, in the form of a non-commutable life annuity; and

               (b)    for a benefit that was commenced under the condition of release mentioned in item 109A or 208 of Schedule 1, the annuitant has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non-preserved benefits is ‘Nil’; and

                (c)    the annuity commenced to be paid before that day.

         (4)   An investment earning in relation to a benefit is an unrestricted non-preserved benefit on a day if:

                (a)    the benefit is an unrestricted non-preserved benefit; and

               (b)    the benefit was cashed, before that day, in the form of a pension; and

                (c)    for a benefit that was commenced under the condition of release mentioned in item 109A or 208 of Schedule 1, the pensioner has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non-preserved benefits is ‘Nil’; and

               (d)    the pension commenced to be paid before that day.

         (5)   An investment earning in relation to a benefit is an unrestricted non-preserved benefit on a day if:

                (a)    the benefit is an unrestricted non-preserved benefit; and

               (b)    the benefit was cashed, before that day, in the form of an annuity; and

                (c)    for a benefit that was commenced under the condition of release mentioned in item 109A or 208 of Schedule 1, the annuitant has satisfied a condition of release in respect of which the cashing restriction for preserved benefits and restricted non-preserved benefits is ‘Nil’; and

               (d)    the annuity commenced to be paid before that day.