128Specific information—the interest is in the payment phase

128 Specific information—the interest is in the payment phase

(1) For the purposes of paragraph 127(1)(f), the payment phase information for the superannuation interest is: (a) a statement indicating that the member is receiving ongoing pension payments in respect of the interest; and (b) the amount of annual pension benefit payable to the member at the appropriate date; and (c) a statement indicating whether the pension benefit is indexed and, if so, the method of indexation; and (d) a statement indicating whether there is any reversionary beneficiary who is a non‑member spouse in relation to the pension benefit and, if so, the proportion of the ongoing pension payments that would be payable to the reversionary beneficiary on the death of the member; and (e) if a lump sum payment that would have been a superannuation lump sum (within the meaning of the Income Tax Assessment Act 1997) had been made in respect of the interest at the date when the information is provided: (i) the amount of the payment; and (ii) the value that each of the components of the superannuation lump sum would have had under Subdivision 307‑C of that Act; and (iii) the value that each of the elements of the taxable component would have had under Subdivision 307‑E of that Act (if applicable); and (f) a statement: (i) indicating whether the Minister has approved, under section 70, a method or factors for determining the gross value of the interest; and (ii) giving details of any method or factors so approved; and (iii) giving details of any other information necessary for determining the gross value of the interest; and (g) 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. (2) If: (a) paragraph (1)(g) 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.