Superannuation Industry (Supervision) Regulations 1994

PART 7A - SUPERANNUATION INTERESTS SUBJECT TO PAYMENT SPLIT  

Division 7A.2 - Options available for certain superannuation interests  

REGULATION 7A.10   TRUSTEE OPTIONS IF NO REQUEST RECEIVED  

7A.10(1)   [Options]  

If the trustee does not receive a request under this Division within the time allowed under regulation 7A.08 , the trustee may:


(a) create a new interest for the non-member spouse in the regulated superannuation fund or approved deposit fund in which the original interest is held; or


(b) subject to subregulation (2), roll over or transfer the transferable benefits to another regulated superannuation fund or approved deposit fund, or to an EPSSS or an RSA, nominated by the non-member spouse (subject to the governing rules of the other regulated superannuation fund, approved deposit fund or EPSSS or the terms and conditions of the RSA), to be held for the benefit of the non-member spouse; or


(c) if the trustee does not, within the 28-day period specified in paragraph (2)(a), receive from the non-member spouse a written notice nominating a regulated superannuation fund, approved deposit fund, EPSSS or RSA to which the transferable benefits may be rolled over or transferred, roll over or transfer the transferable benefits to an eligible rollover fund.

7A.10(2)   [Notice of action]  

Subject to subregulation (4), before rolling over or transferring the transferable benefits to a regulated superannuation fund, approved deposit fund, EPSSS or RSA under paragraph (1)(b), the trustee must give to the non-member spouse a written notice stating that:


(a) the non-member spouse has 28 days from the date of the notice in which to nominate, by written notice to the trustee, a regulated superannuation fund, approved deposit fund, EPSSS or RSA to which the transferable benefits may be rolled over or transferred; and


(b) if the non-member spouse does not, within that 28-day period, nominate a regulated superannuation fund, approved deposit fund, EPSSS or RSA for that purpose, the trustee will roll over or transfer the transferable benefits to an eligible rollover fund.

7A.10(3)   [Contents of notice]  

A notice given by the trustee under subregulation (2) must state the name and contact details of the eligible rollover fund to which the non-member spouse's transferable benefits may be rolled over or transferred.

7A.10(4)   [Insufficient information to give payment split notice]  

If a trustee:


(a) has made reasonable attempts to obtain sufficient information about a non-member spouse to be able to give a payment split notice; and


(b) has been unable to obtain sufficient information about the non-member spouse;

the trustee is permitted to act under subregulation (1) as if the subregulation did not require the giving of the payment split notice or the notice under subregulation (2).

Example for paragraph (a)

The trustee may be unable, after reasonable attempts, to identify an address or location of the non-member spouse.

7A.10(5)   [Insufficient information to give notice under subreg (2)]  

If a trustee:


(a) proposes to give a non-member spouse a notice under subregulation (2); and


(b) has made reasonable attempts to obtain sufficient information about the non-member spouse to be able to give the notice; and


(c) has been unable to obtain sufficient information about the non-member spouse;

the trustee is not required to give the notice, and is permitted to act under paragraphs (1)(b) and (c) as if those paragraphs did not require the giving of the notice.

Example for paragraph (b)

The trustee may be unable, after reasonable attempts, to identify an address or location of the non-member spouse.




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