92Amount to be paid to non‑member spouse—optional lump sum from remaining benefits

92 Amount to be paid to non‑member spouse—optional lump sum from remaining benefits

(1) This section applies for the superannuation interest if: (a) the non‑member spouse is entitled under paragraph 91(2)(a) to be paid the amount of the first splittable payment in respect of the interest after the operative time for the payment split; and (b) the member spouse may, under the governing rules of the relevant eligible superannuation plan, choose (by way of a commutation of a pension payable to the member spouse, or otherwise) to take the whole, or a part, of the remaining benefits in respect of the interest as a lump sum; and (c) the non‑member spouse has served a request, in accordance with Form 4 in Schedule 1, on the trustee of the plan requesting that the non‑member spouse be paid, as a lump sum, the whole, or a proportion, of the remaining base amount allocated to the non‑member spouse for the interest; and (d) any choice by the member spouse to be paid the amount requested by the non‑member spouse will not cause the member spouse to lose the right to take the remaining part of the benefits in respect of the interest as a pension. Request for whole of remaining base amount to be paid as a lump sum (2) If the request under paragraph (1)(c) is for the non‑member spouse to be paid, as a lump sum, the whole of the remaining base amount allocated to the non‑member spouse for the interest: (a) the member spouse must choose to be paid, as a lump sum, an amount that is at least the amount calculated under subsection (3); and (b) the non‑member spouse is entitled to be paid that amount; and (c) the non‑member spouse is not entitled to be paid any amount from any other splittable payment in respect of the superannuation interest. (3) For the purposes of paragraph (2)(a), the amount is: Start formula start fraction open bracket Base amount minus First splittable payment amount close bracket times Commutation factor for the interest over Pension valuation factor for the interest end fraction end formula where:

base amount means the base amount allocated to the non‑member spouse for the superannuation interest.

first splittable payment amount means the amount of the first splittable payment paid to the non‑member spouse under paragraph 91(2)(a).

Note: For the meanings of commutation factor and pension valuation factor, see section 72.

Request for proportion of remaining base amount to be paid as a lump sum (4) If the request under paragraph (1)(c) is for the non‑member spouse to be paid, as a lump sum, a proportion of the remaining base amount allocated to the non‑member spouse for the interest: (a) the member spouse must choose to be paid, as a lump sum, an amount (the member’s lump sum) that is at least the amount calculated under subsection (5) (the minimum lump sum); and (b) the non‑member spouse is entitled to be paid an amount equal to the minimum lump sum; and (c) the non‑member spouse is also entitled to be paid an amount, calculated under subsection (6), from: (i) if the member’s lump sum exceeds the minimum lump sum—the amount of the excess; and (ii) each other splittable payment that becomes payable in respect of the superannuation interest. (5) For the purposes of paragraph (4)(a), the minimum lump sum is: where: