Retirement Savings Accounts Amendment Regulations 2005 (No. 1) (Cth)
Retirement Savings Accounts Amendment Regulations 2005 (No. 1)1
Select Legislative Instrument 2005 No. 55
I, PHILIP MICHAEL JEFFERY, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Retirement Savings Accounts Act 1997.
Dated
P. M. JEFFERY
Governor-General
By His Excellency’s Command
Minister for Revenue and Assistant Treasurer
Name of Regulations
These Regulations are the Retirement Savings Accounts Amendment Regulations 2005 (No. 1).
Commencement
These Regulations commence on
1 July 2005 .
Amendment of Retirement Savings Accounts Regulations 1997
Schedule 1 amends the Retirement Savings Accounts Regulations 1997.
Schedule 1 Amendments
(regulation 3)
[1] Subregulation 1.03 (1), definition of SIS Regulations
omit
Superannuation Industry (Supervision) Regulations.
insert
Superannuation Industry (Supervision) Regulations 1994.
[2] Subregulation 4.01 (2), after definition of lump sum
insert
non-commutable allocated pension means a pension provided under terms and conditions of an RSA that:
(a)meet the standards of subregulation 1.07 (2); and
(b)ensure that, if the pension is commuted, the resulting eligible termination payment cannot be cashed unless:
(i)the purpose of the commutation is:
(A)to cash an unrestricted non-preserved benefit; or
(B)to pay a superannuation contributions surcharge; or
(C)to give effect to an entitlement of a non-member spouse under a payment split; or
(ii)before commutation, 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’.
non-commutable pension means a pension provided under terms and conditions of an RSA that:
(a)meet the standards of subregulation 1.07 (3A); and
(b)ensure that, if the pension is commuted under subparagraph 1.07 (3A) (e) (i), the resulting eligible termination payment cannot be cashed unless:
(i)the purpose of the commutation is to cash an unrestricted non-preserved benefit; or
(ii)before commutation, 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’.
[3] Schedule 2, after item 108A
insert
| 108B | Attaining preservation age | One or more of the following: (a) a non-commutable allocated pension; (b) a non-commutable pension; (c) a non-commutable allocated annuity, or a non-commutable annuity, within the meaning of Part 6 of the SIS Regulations |
Note
All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See
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