Superannuation Industry (Supervision) Amendment Regulations 2003 (No. 3) (171 of 2003)

Schedule 1   Amendments

[2]   After paragraph 1.05 (1) (c)

insert

(d) for a benefit that arises under a contract that meets the standards of subregulation (4) - the contract also meets the standards of regulation 1.07A; and

(e) for a benefit that arises under a contract that meets the standards of subregulation (2), (6), (7) or (9) - the contract also meets the standards of regulation 1.07B; and

(f) for a benefit that arises under a contract that meets the standards of subregulation (8):

(i) the benefit can be taken to consist of two benefits ( annuities ):

(A) an annuity that arises from that part of the contract that provides for payments whose size is not fixed; and

(B) an annuity that arises from that part of the contract that provides for payments whose size in a year is fixed; and

(ii) the contract meets the standards of regulation 1.07A in relation to the annuity mentioned in sub-subparagraph (i) (A); and

(iii) the contract meets the standards of regulation 1.07B in relation to the annuity mentioned in sub-subparagraph (i) (B).