Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This regulation applies to a superannuation interest that is a percentage‑only interest if the interest is in a superannuation annuity that is one of the following:
(a) an allocated annuity;
(b) a market linked annuity;
(c) a fixed term annuity;
(d) a lifetime annuity, including a lifetime annuity that is payable for the lives of more than one person.
(2) The requirements of this Division are satisfied in relation to a non‑member spouse's entitlement under a particular superannuation agreement or splitting order in respect of a superannuation interest of a member spouse if the requirements of subregulation (3), (4) or (5) are satisfied.
(3) The requirements of this subregulation are satisfied if:
(a) the trustee of the superannuation annuity has, in respect of the non‑member spouse's entitlement under the agreement or order, paid to the non‑member spouse an amount equal to the value of the non‑member spouse's entitlement in respect of the superannuation interest at the time of the payment; and
(b) the interest:
(i) was in the payment phase at the operative time in relation to the agreement or order; and
(ii) is in the payment phase at the time of the payment.
(4) The requirements of this subregulation are satisfied if:
(a) the trustee of the superannuation annuity has, in respect of the non‑member spouse's entitlement under the agreement or order, transferred or rolled over to a superannuation fund or an RSA an amount, to be held for the benefit of the non‑member spouse, with a value equal to the value of the non‑member spouse's entitlement in respect of the superannuation interest at the time the amount is transferred or rolled over; and
(b) the interest is in the payment phase at the time the amount is transferred or rolled over.
(5) The requirements of this subregulation are satisfied if:
(a) the trustee of the superannuation annuity has, in respect of the non‑member spouse's entitlement under the agreement or order, established any of the following new annuities for the benefit of the non‑member spouse:
(i) an allocated annuity;
(ii) a market linked annuity;
(iii) a fixed term annuity;
(iv) a lifetime annuity; and
(b) the new annuity has a value equal to the value of the non‑member spouse's entitlement in respect of the superannuation interest at the time the new annuity is established; and
(c) the interest is in the payment phase at the time the new annuity is established.
(6) For subregulation (5):
(a) the trustee of the superannuation annuity is taken to have established a new annuity for the benefit of the non‑member spouse if either of the following things have occurred:
(i) the trustee has entered into an agreement with the non‑member spouse to provide, for his or her benefit, an annuity that is a type of annuity mentioned in subparagraph (5) (a) (i), (ii), (iii) or (iv);
(ii) the trustee has paid to another annuity provider an amount equal to the value of the non‑member spouse's entitlement in respect of the superannuation interest at the time the payment is made, for the purpose of that annuity provider providing, for the benefit of the non‑member spouse, an annuity that is a type of annuity mentioned in subparagraph (5) (a) (i), (ii), (iii) or (iv); and
(b) the new annuity is taken to have been established:
(i) if subparagraph (a) (i) applies -- on the date on which the agreement between the trustee and the non‑member spouse is entered into; or
(ii) if subparagraph (a) (ii) applies -- on the date on which the amount mentioned in subparagraph (a) (ii) is paid to the annuity provider by the trustee.
(7) For this regulation, the value in respect of non‑member spouse's entitlement in respect of a superannuation interest at the time (the termination time ) when the trustee carries out an action described in any of subregulations (3) to (5) is:
(a) if the superannuation interest is in a superannuation annuity that is an allocated annuity -- the account balance of the allocated annuity at the termination time, multiplied by the specified percentage, less the amount of any fees payable by the non‑member spouse under regulation 59; or
(b) if the superannuation interest is in a superannuation annuity that is a market linked annuity -- the account balance of the market linked annuity at the termination time, multiplied by the specified percentage, less the amount of any fees payable by the non‑member spouse under regulation 59; or
(c) if the superannuation interest is in a superannuation annuity that is a lifetime annuity -- the value of the interest at the termination time calculated in accordance with Schedule 4A, multiplied by the specified percentage, less the amount of any fees payable by the non‑member spouse under regulation 59; or
(d) if the superannuation interest is in a superannuation annuity that is a fixed term annuity -- the value of the interest at the termination time calculated in accordance with Schedule 5A, multiplied by the specified percentage, less the amount of any fees payable by the non‑member spouse under regulation 59.
(8) For the avoidance of doubt, nothing in this regulation requires the trustee of a superannuation annuity mentioned in subregulation (1) to do any of the things mentioned in subregulation (3), (4) or (5).