Section full-source-retrieval-0044 - Superannuation Industry (Supervision) Regulations 1994 - Document excerpt 44

full-source-retrieval-0044Document excerpt 44

Start formula start fraction $100,000 over 17.3 end fraction times start fraction 122 over 365 end fraction equals $1,932.06 (minimum limit, rounded to $1,930) end formula

Assume that total payments to Mr Long at 30 June 2006 are $3,000.

2006/07: The maximum and minimum payments for 2006/07 are based on:

(a) the account balance on 1 July 2006 which is $99,300 (residue $97,000 + earnings of $2,300); and

(b) the beneficiary’s age of 65 on 1 July 2006:

Start formula start fraction $99,300 over 9.9 equals $10,030.30 (maximum limit, rounded to $10,030) end formula

Start formula start fraction $99,300 over 17.3 end fraction equals $5,739.88 (minimum limit, rounded to $5,740) end formula

Schedule 1B—Pension valuation factors

(paragraph 1.06(6)(g) and subregulation 1.08(1))

1. The pension valuation factor for:

(a) a pension that is to be indexed at a rate greater than 8% each year; or

(b) a pension that is included in a class of pensions that are to be indexed at a rate that is greater than 8% each year;

is the factor determined in writing by the Regulator, on a case‑by‑case basis, in relation to that pension or class of pensions.

2. The pension valuation factor for any other pension is the factor applicable to the pension under the following tables.

3. A reference in the tables to Age is a reference to the age of the recipient on the commencement day of the relevant pension. If the age of a person on that day falls between 2 of the ages specified in a table, the pension valuation factor is to be determined by reference to the factors specified under the next greater age group in the table.

4. If a pension has no reversion, the pension valuation factor for the pension is to be the relevant factor specified in the relevant table in the Below 50% group.

5. If the rules of a superannuation fund provide that a pension is indexed to movements in salary, the pension valuation factor for the pension is the relevant factor specified in the table relating to an indexation rate of 8%.

6. If a pension is indexed by reference to movements in a price index published by the Australian Statistician, the pension valuation factor for the pension is the relevant factor applicable under the table into which the standard indexation rate falls.

7. Subject to clause 8, if the governing rules of a superannuation fund provide for a pension to be indexed at the discretion of the trustees of the fund, the pension valuation factor is to be determined as if the indexation rate were a rate worked out by:

(a) adding together the indexation rates determined by the trustees for pensions of same kind as that pension in respect of each year in the period of 5 years of which the year of income in which the pension commences to be paid is the last year; and

Column 1<br>Item	Column 2<br>Conditions of release	Column 3<br>Cashing restrictions
101	Retirement	Nil
102	Death	Nil
102A	Terminal medical condition	Nil
103	Permanent incapacity	Nil
103A	Former temporary resident to whom regulation 6.20A or 6.20B applies, requesting in writing the release of his or her benefits	Amount that is at least the amount of the temporary resident’s withdrawal benefit in the fund, paid:<br>(a) as a single lump sum; or
		(b) if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits—in a way that ensures that the amount is cashed
103B	The trustee is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999, or may pay an amount to the Commissioner of Taxation under Part 3D of that Act, for the person’s superannuation interest in the fund	Amount that the trustee is required to pay to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999, or may pay to the Commissioner of Taxation under Part 3D of that Act, for the person’s superannuation interest in the fund, paid as a lump sum to the Commissioner
104	Termination of gainful employment with a standard employer‑sponsor of the regulated superannuation fund on or after 1 July 1997 (where the member’s preserved benefits in the fund at the time of the termination are less than $200)	Nil
105	Severe financial hardship	For a person taken to be in severe financial hardship under paragraph 6.01(5)(a)—in each 12 month period (beginning on the date of first payment), a single lump sum not less than $1,000 (except if the amount of the person’s preserved benefits and restricted non‑preserved benefits is less than that amount) and not more than $10,000
		For a person taken to be in severe financial hardship under paragraph 6.01(5)(b)—Nil.
106	Attaining age 65	Nil
107	The Regulator has determined under subregulation 6.19A(2) that a specified amount of benefits in the regulated superannuation fund may be released on a compassionate ground	A single lump sum, not exceeding an amount determined, in writing, by the Regulator, being an amount that:
		(a) taking account of the ground and of the person’s financial capacity, is reasonably required; and
		(b) in the case of the ground mentioned in paragraph 6.19A(1)(b)—in each 12 month period (beginning on the date of first payment), does not exceed an amount equal to the sum of:<br>(i) 3 months’ repayments; and<br>(ii) 12 months’ interest on the outstanding balance of the loan
107A	The Regulator has determined under subregulation 6.19B(3) (about coronavirus) that a specified amount of benefits in the regulated superannuation fund may be released on a compassionate ground	A single lump sum, not exceeding the amount determined, in writing, by the Regulator in relation to the fund
108	Termination of gainful employment with an employer who had, or any of whose associates had, at any time, contributed to the regulated superannuation fund in relation to the member	1. Preserved benefits: Non‑commutable life pension or non‑commutable life annuity<br>2. Restricted non‑preserved benefits: Nil
109	Temporary incapacity	A non‑commutable income stream cashed from the regulated superannuation fund for:
		(a) the purpose of continuing (in whole or part) the gain or reward which the member was receiving before the temporary incapacity; and
		(b) a period not exceeding the period of incapacity from employment of the kind engaged in immediately before the temporary incapacity
109A	For acquiring a superannuation interest (within the meaning of the 1997 Tax Act) that supports a deferred superannuation income stream to be provided under a contract or rules that meet the standards of subregulation 1.06A(2)	The restrictions contained in paragraph 1.06A(3)(e)
110	Attaining preservation age	Any of the following:<br>(a) a transition to retirement income stream;<br>(b) a non‑commutable allocated annuity;<br>(c) a non‑commutable allocated pension;<br>(d) a non‑commutable annuity;<br>(e) a non‑commutable pension
111	Being a lost member who is found, and the value of whose benefit in the fund, when released, is less than $200	Nil
111A	The Commissioner of Taxation gives a superannuation provider a release authority under Division 131 in Schedule 1 to the Taxation Administration Act 1953	The restrictions contained in sections 131‑35 and 131‑40 in that Schedule
111B	A person gives a superannuation provider a release authority under section 135‑40 in Schedule 1 to the Taxation Administration Act 1953	The restrictions contained in sections 135‑75 and 135‑85 in that Schedule
113	A person gives a transitional release authority to a superannuation provider under section 292‑80B of the Income Tax (Transitional Provisions) Act 1997	Restrictions contained in subsections 292‑80C(1) and (2) of the Income Tax (Transitional Provisions) Act 1997
113A	A former resident of Australia has:<br>(a) moved permanently to New Zealand; and<br>(b) nominated a provider of a KiwiSaver Scheme for the purposes of this item	Amount that is at least the amount of the former resident’s withdrawal benefit in the fund, paid:<br>(a) as a single lump sum; or<br>(b) if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits—in a way that ensures that the amount is cashed
114	Any other condition, if expressed to be a condition of release, in an approval under subparagraph 62(1)(b)(v) of the Act	Restrictions expressed in the approval to be cashing restrictions applying to the condition of release

Column 1 Item

Column 2 Conditions of release

Column 3 Cashing restrictions

101

Retirement

Nil

102

Death

Nil

102A

Terminal medical condition

Nil

103

Permanent incapacity

Nil

103A

Former temporary resident to whom regulation 6.20A or 6.20B applies, requesting in writing the release of his or her benefits

Amount that is at least the amount of the temporary resident’s withdrawal benefit in the fund, paid: (a) as a single lump sum; or

(b) if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits—in a way that ensures that the amount is cashed

103B

The trustee is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999, or may pay an amount to the Commissioner of Taxation under Part 3D of that Act, for the person’s superannuation interest in the fund

Amount that the trustee is required to pay to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999, or may pay to the Commissioner of Taxation under Part 3D of that Act, for the person’s superannuation interest in the fund, paid as a lump sum to the Commissioner

104

Termination of gainful employment with a standard employer‑sponsor of the regulated superannuation fund on or after 1 July 1997 (where the member’s preserved benefits in the fund at the time of the termination are less than $200)

Nil

105

Severe financial hardship

For a person taken to be in severe financial hardship under paragraph 6.01(5)(a)—in each 12 month period (beginning on the date of first payment), a single lump sum not less than $1,000 (except if the amount of the person’s preserved benefits and restricted non‑preserved benefits is less than that amount) and not more than $10,000

For a person taken to be in severe financial hardship under paragraph 6.01(5)(b)—Nil.

106

Attaining age 65

Nil

107

The Regulator has determined under subregulation 6.19A(2) that a specified amount of benefits in the regulated superannuation fund may be released on a compassionate ground

A single lump sum, not exceeding an amount determined, in writing, by the Regulator, being an amount that:

(a) taking account of the ground and of the person’s financial capacity, is reasonably required; and

(b) in the case of the ground mentioned in paragraph 6.19A(1)(b)—in each 12 month period (beginning on the date of first payment), does not exceed an amount equal to the sum of: (i) 3 months’ repayments; and (ii) 12 months’ interest on the outstanding balance of the loan

107A

The Regulator has determined under subregulation 6.19B(3) (about coronavirus) that a specified amount of benefits in the regulated superannuation fund may be released on a compassionate ground

A single lump sum, not exceeding the amount determined, in writing, by the Regulator in relation to the fund

108

Termination of gainful employment with an employer who had, or any of whose associates had, at any time, contributed to the regulated superannuation fund in relation to the member

1. Preserved benefits: Non‑commutable life pension or non‑commutable life annuity 2. Restricted non‑preserved benefits: Nil

109

Temporary incapacity

A non‑commutable income stream cashed from the regulated superannuation fund for:

(a) the purpose of continuing (in whole or part) the gain or reward which the member was receiving before the temporary incapacity; and

(b) a period not exceeding the period of incapacity from employment of the kind engaged in immediately before the temporary incapacity

109A

For acquiring a superannuation interest (within the meaning of the 1997 Tax Act) that supports a deferred superannuation income stream to be provided under a contract or rules that meet the standards of subregulation 1.06A(2)

The restrictions contained in paragraph 1.06A(3)(e)

110

Attaining preservation age

Any of the following: (a) a transition to retirement income stream; (b) a non‑commutable allocated annuity; (c) a non‑commutable allocated pension; (d) a non‑commutable annuity; (e) a non‑commutable pension

111

Being a lost member who is found, and the value of whose benefit in the fund, when released, is less than $200

Nil

111A

The Commissioner of Taxation gives a superannuation provider a release authority under Division 131 in Schedule 1 to the Taxation Administration Act 1953

The restrictions contained in sections 131‑35 and 131‑40 in that Schedule

111B

A person gives a superannuation provider a release authority under section 135‑40 in Schedule 1 to the Taxation Administration Act 1953

The restrictions contained in sections 135‑75 and 135‑85 in that Schedule

113

A person gives a transitional release authority to a superannuation provider under section 292‑80B of the Income Tax (Transitional Provisions) Act 1997

Restrictions contained in subsections 292‑80C(1) and (2) of the Income Tax (Transitional Provisions) Act 1997

113A

A former resident of Australia has: (a) moved permanently to New Zealand; and (b) nominated a provider of a KiwiSaver Scheme for the purposes of this item

Amount that is at least the amount of the former resident’s withdrawal benefit in the fund, paid: (a) as a single lump sum; or (b) if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits—in a way that ensures that the amount is cashed

114

Any other condition, if expressed to be a condition of release, in an approval under subparagraph 62(1)(b)(v) of the Act

Restrictions expressed in the approval to be cashing restrictions applying to the condition of release

Column 1<br>Item no.	Column 2<br>Conditions of release	Column 3<br>Cashing restrictions
201	Retirement	Nil
202	Death	Nil
202A	Terminal medical condition	Nil
203	Permanent incapacity	Nil
204	Former temporary resident to whom regulation 6.24A applies, requesting in writing the release of his or her benefits	Amount that is at least the amount of the temporary resident’s withdrawal benefit in the fund, paid:<br>(a) as a single lump sum; or
		(b) if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits—in a way that ensures that the amount is cashed
204A	The trustee is required to pay an amount to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999, or may pay an amount to the Commissioner of Taxation under Part 3D of that Act, for the person’s superannuation interest in the fund	Amount that the trustee is required to pay to the Commissioner of Taxation under the Superannuation (Unclaimed Money and Lost Members) Act 1999, or may pay to the Commissioner of Taxation under Part 3D of that Act, for the person’s superannuation interest in the fund, paid as a lump sum to the Commissioner
205	Severe financial hardship	For a person taken to be in severe financial hardship under paragraph 6.01(5)(a)—in each 12 month period (beginning on the date of first payment), a single lump sum not less than $1,000 (except if the amount of the person’s preserved benefits and restricted non‑preserved benefits is less than that amount) and not more than $10,000
		For a person taken to be in severe financial hardship under paragraph 6.01(5)(b)—Nil
206	Attaining age 65	Nil
207	The Regulator has determined under subregulation 6.19A(2) that a specified amount of benefits in the approved deposit fund may be released on a compassionate ground	A single lump sum, not exceeding the amount determined, in writing, by the Regulator, being an amount that:<br>(a) taking account of the ground and of the person’s financial capacity, is reasonably required; and<br>(b) in the case of the ground mentioned in paragraph 6.19A(1)(b)—in each 12 month period (beginning on the date of first payment), does not exceed an amount equal to the sum of:<br>(i) 3 months’ repayments; and<br>(ii) 12 months’ interest on the outstanding balance of the loan.
207AA	The Regulator has determined under subregulation 6.19B(3) (about coronavirus) that a specified amount of benefits in the approved deposit fund may be released on a compassionate ground	A single lump sum, not exceeding the amount determined, in writing, by the Regulator in relation to the fund
207A	For acquiring a superannuation interest (within the meaning of the 1997 Tax Act) that supports a deferred superannuation income stream to be provided under a contract or rules that meet the standards of subregulation 1.06A(2)	The restrictions contained in paragraph 1.06A(3)(e)
208	Attaining preservation age	Any of the following:<br>(a) a transition to retirement income stream;
		(b) a non‑commutable allocated annuity;<br>(c) a non‑commutable allocated pension;<br>(d) a non‑commutable annuity;<br>(e) a non‑commutable pension
208A	The Commissioner of Taxation gives a superannuation provider a release authority under Division 131 in Schedule 1 to the Taxation Administration Act 1953	The restrictions contained in sections 131‑35 and 131‑40 in that Schedule
208B	A person gives a superannuation provider a release authority under section 135‑40 in Schedule 1 to the Taxation Administration Act 1953	The restrictions contained in sections 135‑75 and 135‑85 in that Schedule
210	A person gives a transitional release authority to a superannuation provider under section 292‑80B of the Income Tax (Transitional Provisions) Act 1997	Restrictions contained in subsections 292‑80C(1) and (2) of the Income Tax (Transitional Provisions) Act 1997
211	Being a lost member who is found, and the value of whose benefit in the fund, when released, is less than $200	Nil

Column 1 Item no.

Column 2 Conditions of release

Column 3 Cashing restrictions

201

Retirement

Nil

202

Death

Nil

202A

Terminal medical condition

Nil

203

Permanent incapacity

Nil

204

Former temporary resident to whom regulation 6.24A applies, requesting in writing the release of his or her benefits

Amount that is at least the amount of the temporary resident’s withdrawal benefit in the fund, paid: (a) as a single lump sum; or

(b) if the fund receives any combination of contributions, transfers and rollovers after cashing the benefits—in a way that ensures that the amount is cashed

204A

205

Severe financial hardship

For a person taken to be in severe financial hardship under paragraph 6.01(5)(b)—Nil

206

Attaining age 65

Nil

207

The Regulator has determined under subregulation 6.19A(2) that a specified amount of benefits in the approved deposit fund may be released on a compassionate ground

A single lump sum, not exceeding the amount determined, in writing, by the Regulator, being an amount that: (a) taking account of the ground and of the person’s financial capacity, is reasonably required; and (b) in the case of the ground mentioned in paragraph 6.19A(1)(b)—in each 12 month period (beginning on the date of first payment), does not exceed an amount equal to the sum of: (i) 3 months’ repayments; and (ii) 12 months’ interest on the outstanding balance of the loan.

207AA

The Regulator has determined under subregulation 6.19B(3) (about coronavirus) that a specified amount of benefits in the approved deposit fund may be released on a compassionate ground

A single lump sum, not exceeding the amount determined, in writing, by the Regulator in relation to the fund

207A

The restrictions contained in paragraph 1.06A(3)(e)

208

Attaining preservation age

Any of the following: (a) a transition to retirement income stream;

(b) a non‑commutable allocated annuity; (c) a non‑commutable allocated pension; (d) a non‑commutable annuity; (e) a non‑commutable pension

208A