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.03K   PAYING A LUMP SUM  

7A.03K(1)   [ Application ]  

This regulation applies if a trustee pays to a non-member spouse, as a lump sum, the withdrawal benefit from the non-member spouse interest to give effect to a request under regulation 7A.03E .

7A.03K(2)   [ Timing ]  

The trustee must pay the lump sum within:

(a) 30 days after receiving the request under regulation 7A.03E ; or

(b) any longer period allowed by the Regulator.

7A.03K(3)   [ Notice of payment ]  

The trustee must give to the non-member spouse, within 28 days after the lump sum is paid, a written notice stating:

(a) that the lump sum has been paid; and

(b) the amount that was paid.