34Circumstances when this Subdivision applies

34 Circumstances when this Subdivision applies

Trustee pays non‑member spouse an amount equal to the value of the non‑member spouse’s entitlement (1) This section applies for the superannuation interest if: (a) 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 for the superannuation interest at the time of the payment; and (b) the interest: (i) was in the payment phase at the operative time in relation to the agreement or order; and (ii) is in the payment phase at the time of the payment. Trustee transfers or rolls over an amount with a value equal to the non‑member spouse’s entitlement (2) This section applies for the superannuation interest 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; and (b) the value of that amount is equal to the value of the non‑member spouse’s entitlement for the superannuation interest at the time that amount is transferred or rolled over; and (c) the interest is in the payment phase at the time that amount is transferred or rolled over. Trustee establishes new annuity with a value equal to the non‑member spouse’s entitlement (3) This section applies for the superannuation interest if: (a) the trustee of the superannuation annuity has, in respect of the non‑member spouse’s entitlement under the agreement or order, established any of the following new annuities (an eligible annuity) for the benefit of the non‑member spouse: (i) an allocated annuity; (ii) a market linked annuity; (iii) a fixed term annuity; (iv) a lifetime annuity; and (b) the new annuity has a value equal to the value of the non‑member spouse’s entitlement for the superannuation interest at the time the new annuity is established; and (c) the interest is in the payment phase at the time the new annuity is established. (4) For the purposes of (but without limiting) subsection (3): (a) the trustee of the superannuation annuity is taken to have established an eligible annuity 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 an eligible annuity for the benefit of the non‑member spouse; (ii) the trustee has paid to another annuity provider an amount equal to the value of the non‑member spouse’s entitlement for the superannuation interest at the time the payment is made, for the purpose of that annuity provider providing an eligible annuity for the benefit of the non‑member spouse; and (b) the eligible annuity is taken to have been established: (i) if subparagraph (a)(i) applies—on the date the agreement between the trustee and the non‑member spouse is entered into; or (ii) if subparagraph (a)(ii) applies—on the date the amount mentioned in subparagraph (a)(ii) is paid to the annuity provider by the trustee. Trustee need not have done anything mentioned in this section (5) To avoid doubt, nothing in a subsection of this section requires the trustee of a superannuation annuity to do something mentioned in that subsection.