Commonwealth Numbered Regulations

1991 No. 148 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 19

  19.1   Paragraph 4Y (1) (b):

After "value of the pension" insert "(other than any part that has been
determined under paragraph 4w (1) (a) or (b) to exceed the reasonable benefit
limits)".
  19.2   Paragraph 4Y (1) (c):
Omit the paragraph, substitute:

"(c) in the case of an annuity-the amount worked out using the formula:
(ROA - (UCC + EP)) x QIN1
QIN2
where: 'ROA' is the amount of the ETP rolled-over to purchase the annuity;
'UCC' is any part of that amount that consists of undeducted contributions or
concessional components; 'EP' is any part of that amount that has been
determined under paragraph 4W (1) (a) or (b) to exceed the reasonable benefit
limits; 'QIN1' is the index number for the quarter 2 quarters before the
quarter in which the current benefit was paid or in which the commencement day
of the current benefit occurs; 'QIN2' is the index number for the quarter in
which the commencement day of the annuity occurs.".
  19.3   Add at the end:


"(3) For the purposes of this regulation, a benefit that is referred to in
subregulation 4P (1) does not have a qualifying portion.".