A person may apply to the Commission in writing to be allowed to commute the whole or part of an income stream because of extreme financial hardship. According to s.5JA of the VEA, the Commission may determine an amount as allowable commutation if these conditions are satisfied:

  •       the person's circumstances are exceptional and could not be reasonably foreseen at the time the person purchased the income stream, and
  •       the person has insufficient liquid assets or other assets (excluding the person's principal home) that could be realised to avoid the extreme financial hardship, and
  •       that amount is required to meet unavoidable expenditure.