Superannuation Industry (Supervision) Regulations 1994
For the purposes of subsection 31(1) of the Act, it is a standard applicable to the operation of a regulated superannuation fund that the fund must not use a factor, for converting a prescribed pension to a lump sum, that is greater than the pension valuation factor that would apply under Schedule 1B if the commencement day of the pension were the day on which it was commuted.1.08(2) [Factor approved by the Regulator]
(a) the Regulator has approved in writing; or
(b) is for conversion in relation to a commutation to pay a superannuation contributions surcharge; or
(c) is for conversion in relation to a commutation to give effect to an entitlement of a non-member spouse under a payment split.
(a) means a pension (including a benefit that is taken, under these regulations, to be a pension for the purposes of the Act), other than a benefit that is taken, under subregulation 1.06(1) , to be a pension by reason only that it is provided under rules of a superannuation fund that meet the standards of subregulation 1.06(2) ; but
(b) does not include any of the following:
(i) an account-based pension;
(ii) an allocated pension;
(iii) a market linked pension.