1000‑7.01 Transitional provision—pension1000‑7.01 Transitional provision—pension reserves

1000‑7.01 Transitional provision—pension reserves

(1) This section applies to working out, for the purposes of subsection 292‑90.02(4), whether a reserve of a complying superannuation plan is a pension reserve at a time occurring on or after the commencement of this section. (2) If, before that commencement: (a) the reserve was used for the purpose of enabling the plan to discharge all or part of a liability of the plan to pay a superannuation income stream benefit from a superannuation income stream; and (b) the superannuation income stream was commuted or otherwise ceased; and (c) after the commutation or cessation, an amount was allocated from the reserve for a person; and (d) immediately before the commutation or cessation, the reserve was a pension reserve; disregard the allocation.