14PNew deferred annuity established or amount transferred or rolled over or paid by trustee of deferred annuity in satisfaction of non‑member spouse’s entitlement under agreement or order

#### 14P New deferred annuity established or amount transferred or rolled over or paid by trustee of deferred annuity in satisfaction of non‑member spouse’s entitlement under agreement or order (1) This regulation applies to a superannuation interest that is a percentage‑only interest if the interest is in a superannuation annuity that is a deferred annuity. (2) The requirements of this Division are satisfied in relation to a non‑member spouse’s entitlement under a particular superannuation agreement, flag lifting agreement or splitting order in respect of a superannuation interest of a member spouse if the requirements of subregulation (3), (4), (5) or (6) are satisfied. (3) The requirements of this subregulation are satisfied if: (a) the non‑member spouse has satisfied a relevant condition of release in relation to the interest; and (b) the trustee of the superannuation annuity has, in respect of the non‑member spouse’s entitlement under the agreement or order, paid to the non‑member spouse an amount equal to the value of the non‑member spouse’s entitlement in respect of the superannuation interest at the time of the payment; and (c) the interest is in the growth phase at the time of the payment. (4) The requirements of this subregulation are satisfied if: (a) the trustee of the superannuation annuity has, in respect of the non‑member spouse’s entitlement under the agreement or order, transferred or rolled over to a superannuation fund or an RSA an amount, to be held for the benefit of the non‑member spouse, with a value equal to the value of the non‑member spouse’s entitlement in respect of the superannuation interest at the time the amount is transferred or rolled over; and (b) the interest is in the growth phase at the amount is transferred or rolled over. (5) The requirements of this subregulation are satisfied if: (a) the trustee of the superannuation annuity has, in respect of the non‑member spouse’s entitlement under the agreement or order, established a new deferred annuity that: (i) provides for the payment of benefits to the non‑member spouse, commencing no earlier than the time when, if the new deferred annuity were taken to be an approved deposit fund for the purposes of Part 6 of the SIS Regulations, that Part would permit or require the payment of benefits from the approved deposit fund; and (ii) has a value equal to the value of the non‑member spouse’s entitlement in respect of the superannuation interest at the time the new deferred annuity is established; and (b) the interest is in the growth phase at the time the new deferred annuity is established. (6) The requirements of this subregulation are satisfied if: (a) the trustee of the superannuation annuity has, in respect of the non‑member spouse’s entitlement under the agreement or order, established a new annuity for the benefit of the non‑member spouse that: (i) is a non‑commutable income stream (within the meaning of the SIS Regulations); and (ii) has a value equal to the value of the non‑member spouse’s entitlement in respect of the superannuation interest at the time the new annuity is established; and (b) the interest is in the growth phase at the time the new annuity is established. (7) For subregulation (5): (a) the trustee of the superannuation annuity is taken to have established a new deferred annuity for the benefit of the non‑member spouse if the trustee has entered into an agreement with the non‑member spouse to provide a deferred annuity for the benefit of the non‑member spouse; and (b) the new deferred annuity is taken to have been established on the date on which the agreement between the trustee and the non‑member spouse is entered into. (8) For subregulation (6): (a) the trustee of the superannuation annuity is taken to have established a new annuity (being an annuity that is a non‑commutable income stream) for the benefit of the non‑member spouse if either of the following things have occurred: (i) the trustee has entered into an agreement with the non‑member spouse to provide, for his or her benefit, an annuity that is a non‑commutable income stream; (ii) the trustee has paid to another annuity provider an amount equal to the value of the non‑member spouse’s entitlement in respect of the superannuation interest at the time the payment is made, for the purpose of that annuity provider providing, for the benefit of the non‑member spouse, an annuity that is a non‑commutable income stream; and (b) the new annuity is taken to have been established: (i) if subparagraph (a)(i) applies—on the date on which the agreement between the trustee and the non‑member spouse is entered into; or (ii) if subparagraph (a)(ii) applies—on the date on which the amount mentioned in subparagraph (a)(ii) is paid to the annuity provider by the trustee. (9) For this regulation, the value in respect of a non‑member spouse’s entitlement in respect of a superannuation interest at the time (the termination time) when the trustee carries out an action described in subregulation (3), (4), (5) or (6) is the account balance of the superannuation annuity at the termination time, multiplied by the specified percentage, less the amount of any fees payable by the non‑member spouse under regulation 59. (10) For the avoidance of doubt, nothing in this regulation requires the trustee of a superannuation annuity mentioned in subregulation (1) to do any of the things mentioned in subregulation (3), (4), (5) or (6).