Superannuation Industry (Supervision) Amendment Regulations 1998 (No. 8) (312 of 1998)

Schedule 1   Amendments of Superannuation Industry (Supervision) Regulations

[8]   Paragraph 1.06 (2) (c)

substitute

(c) unless APRA otherwise approves, the sum payable as benefit in each year to the primary beneficiary or to the reversionary beneficiary, as the case may be, is:

(i) if CPIc is not less than CPIp - not less than SPp; or

(ii) if CPIc is less than CPIp - not less than:

(CPIc / CPIp) * SPp

where:

CPIc means the quarterly CPI first published by the Australian Statistician for the second-last quarter before the day on which payment is to be made.

CPIp means the quarterly CPI first published by the Australian Statistician for the same quarter in the immediately preceding year.

SPp means the sum payable in the immediately preceding year.

and