68Gross value—innovative superannuation interests in the payment phase

68 Gross value—innovative superannuation interests in the payment phase

(1) This section applies for the superannuation interest if the whole of the interest is an innovative superannuation interest that is not a percentage‑only interest.

Note: Innovative superannuation interests that are annuities are percentage‑only interests, and so are dealt with by section 69.

Pension payable for the life of the member spouse (2) If the benefits in respect of the interest are payable as a pension for the life of the member spouse, the gross value of the superannuation interest at the relevant date is to be determined using: (a) if, under section 70, the Minister has approved a method or factors to be used to determine the gross value of the interest—the approved method or factors; or (b) if paragraph (a) does not apply and the pension is payable due to the member spouse’s invalidity—the method set out in Schedule 7; or (c) if neither paragraph (a) nor (b) applies—the method set out in Schedule 5. Pension payable for fixed term (other than market linked pension) (3) If the benefits in respect of the interest are payable as a pension for a fixed term only and the pension is not a market linked pension, the gross value of the superannuation interest at the relevant date is to be determined using: (a) if, under section 70, the Minister has approved a method or factors to be used to determine the gross value of the interest—the approved method or factors; or (b) if paragraph (a) does not apply—the method set out in Schedule 8.