Member may request commutation of pension
196S Member may request commutation of pension
A Term Allocated Pension Member may request the Board to commute all of the Member’s allocated pension.
A Term Allocated Pension Member may request the Board to commute some of the Member’s allocated pension if —
the request —
is made within 6 months after the Member became a Term Allocated Pension Member; and
does not relate to any amount transferred to the Term Allocated Pension Scheme under regulation 196D from the commutation of another SIS annuity or pension;
or
the commuted amount is to be used to pay contributions tax; or
the commuted amount is to be used to purchase —
another term allocated pension; or
another SIS annuity or pension.
Subject to subregulations (3) and (3a), the Board is to comply with a request under subregulation (1A) or (1) and pay or transfer the commuted amount, in the case of a request under —
subregulation (1A) or (1)(a) — to, or as requested by, the Member; or
subregulation (1)(b) — to the Member for payment to the Commonwealth Commissioner of Taxation; or
subregulation (1)(c)(i) — to a new term allocated pension account for the Member; or
subregulation (1)(c)(ii) — to the provider of the SIS annuity or pension.
The Board must not pay or transfer a term allocated pension unless, or until, any applicable SIS minimum amount has been paid.
If a Member’s benefit in the Term Allocated Pension Scheme is a phased retirement benefit, the Board must not pay or transfer any of that benefit or earnings on it, under subregulation (2)(a) or (d) unless —
the Member has satisfied an unrestricted condition of release; or
the commuted amount is transferred to another scheme or superannuation fund the rules of which prevent the cashing, commutation or transfer of the amount unless —
the Member has satisfied an unrestricted condition of release; or
the amount is transferred to another superannuation fund the rules of which include provisions having the same effect as this subregulation.
In this regulation —
SIS annuity or pension means a benefit that is taken to be an annuity or pension for the purposes of the SIS Act;
SIS minimum amount means the amount prescribed under the SIS Act as the minimum amount that a superannuation fund’s rules must require to have been paid before a market linked pension can be commuted in order for the pension to be taken to be a pension for the purposes of the SIS Act.
[Regulation 196S inserted: Gazette 10 Dec 2004 p. 5904-5; amended: Gazette 26 May 2006 p. 1923-4 and 1930; 21 Jul 2006 p. 2652; SL 2026/102 r. 19.]
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