Superannuation Industry (Supervision) Regulations 1994

PART 7A - SUPERANNUATION INTERESTS SUBJECT TO PAYMENT SPLIT  

Division 7A.1A - Options for trustee in relation to interests  

REGULATION 7A.03J   ROLLING OVER OR TRANSFERRING THE NON-MEMBER SPOUSE'S INTEREST  

7A.03J(1)   [ Application ]  

This regulation applies if a trustee rolls over or transfers the withdrawal benefit from the non-member spouse interest:

(a) to give effect to a request under regulation 7A.03D ; or

(b) on the trustee's initiative under subregulation 7A.03H(1) .

7A.03J(2)   [ Rollover ]  

The trustee must roll over or transfer the amount as follows:

(a) if the rollover or transfer is to give effect to a request under regulation 7A.03D , it must be done within:

(i) 30 days after receiving the request; or

(ii) any longer period allowed by the Regulator;

(b) if the rollover or transfer is to be done on the trustee's initiative under paragraph 7A.03H(1)(a) , it must be done within 30 days after the trustee receives the nomination from the non-member spouse under subregulation 7A.03H(2) ;

(c) if the rollover or transfer is to be done on the trustee's initiative under paragraph 7A.03H(1)(b) , it must be done within 30 days after the end of the 28-day period mentioned in subregulation 7A.03H(2) .

7A.03J(3)   [ Notice of rollover, etc ]  

The trustee must give a notice to the non-member spouse, within 28 days after the amount is rolled over or transferred, stating:

(a) that the benefits have been rolled over or transferred; and

(b) if the rollover or transfer was done on the trustee's initiative under paragraph 7A.03H(1)(b) - the name and contact details of the fund to which the amount was rolled over or transferred; and

(c) the amount that was rolled over or transferred.