(1) This regulation applies if a member of a superannuation fund, who has a superannuation interest in the growth phase, elects to receive a pension in relation to that interest or part of that interest.
(2) For paragraph 761E(7)(a) of the Act, the superannuation fund is taken to issue a new financial product when:
(a) it acknowledges receipt of the member's election; or
(b) it makes the first payment of the pension;
whichever occurs first.
(3) For this regulation:
growth phase has the meaning given by regulation 1.03AB of the SIS Regulations.
pension has the meaning given by subregulation 1.06(1) of the SIS Regulations .