121Specific information—the interest is a superannuation annuity in the payment phase and the member is receiving ongoing benefits

121 Specific information—the interest is a superannuation annuity in the payment phase and the member is receiving ongoing benefits

(1) For the purposes of paragraph 119(1)(g), the payment phase information in relation to the superannuation interest is: (a) if the ongoing benefits are paid in respect of a superannuation annuity that is an allocated annuity—the withdrawal benefit for the member at the appropriate date; and (b) if the ongoing benefits are paid in respect of a superannuation annuity that is a market linked annuity—the market linked annuity account balance at the appropriate date; and (c) in any other case: (i) the amount of ongoing benefits payable to the member at the appropriate date; and (ii) a statement indicating whether the superannuation annuity is a lifetime annuity or a fixed term annuity; and (iii) if the superannuation annuity is a fixed term annuity—the date when the payment of ongoing benefits commenced, and the length of the fixed term; and (iv) a statement indicating whether the superannuation annuity is indexed and, if so, the method of indexation; and (d) if the application for information specifically requests the trustee to provide it and the trustee chooses to do so—the gross value of the interest at the appropriate date, determined in accordance with a method or factors approved by the Minister under section 70.

Note: The trustee is not required to provide the information mentioned in paragraph (a) or subparagraph (c)(i) unless a record of it is in the trustee’s possession, power or control (see paragraph 125(1)(b)).

(2) If: (a) paragraph (1)(d) applies to the application for information about the superannuation interest; and (b) the trustee, in response to the application: (i) provides the gross value of the interest at the appropriate date, determined in accordance with a method or factors approved by the Minister under section 70; but (ii) does not provide sufficient information to enable the applicant to check whether that gross value of the interest has been correctly determined in accordance with the approved method or factors; and (c) the applicant makes a further application that complies with subsection 90XZB(3) or 90YZR(3) of the Act for specific underlying valuation information for the interest; then, for the purposes of subsection 90XZB(3) or 90YZR(3) of the Act, that specific underlying valuation information is information that must be provided by the trustee in response to the further application within a reasonable time.

Note: For paragraph (c), section 90XZB or 90YZR of the Act does not prevent the applicant from making further applications, that comply with that section, for information about the superannuation interest.

(3) Subsection 140(2) applies to specific underlying valuation information provided by the trustee to the applicant under subsection (2) of this section.