Superannuation Industry (Supervision) Regulations 1994

PART 7A - SUPERANNUATION INTERESTS SUBJECT TO PAYMENT SPLIT  

Division 7A.3 - Splittable payments - payment standards for non-member spouse entitlements  

REGULATION 7A.16   PRESERVATION OF NON-MEMBER SPOUSE ENTITLEMENTS  

7A.16(1)  


Subject to regulation 7A.17 , this regulation applies if:

(a)  

the non-member spouse has not satisfied a relevant condition of release at the time of the splittable payment; and

(b)  

the splittable payment does not derive from an allocated pension, market linked pension or account-based pension.

7A.16(2)  
The trustee of the regulated superannuation fund or approved deposit fund in which the original interest is held must:

(a)  allocate the amount to an interest that the trustee creates for the non-member spouse in the regulated superannuation fund or approved deposit fund; or

(b)  

roll over or transfer the amount to another regulated superannuation fund, an RSA, an approved deposit fund or an EPSSS, to be held for the benefit of the non-member spouse.

7A.16(2A)  


The trustee must preserve the amount mentioned in subregulation (2).

7A.16(3)  
If the non-member spouse ' s entitlement under the payment split is to be paid as a lump sum, the trustee must allocate, roll over or transfer the lump sum within:

(a)  

30 days after the splittable payment becomes payable; or

(b)  any longer period allowed by the Regulator.

7A.16(4)  


If the non-member spouse ' s entitlement derives from a pension being paid to the member spouse (other than a pension to which regulation 7A.17 applies, an allocated pension, market linked pension or account-based pension), the trustee must allocate, roll over or transfer the amounts to which the non-member spouse is entitled:

(a)  if the governing rules of the fund provide for the frequency with which pension payments are to be made to the member spouse - in accordance with those rules; or

(b)  in any other case - at least annually.

7A.16(5)  
Subject to subregulation (6), the amount must not be allocated, rolled over or transferred unless the trustee of the transferor fund:

(a)  has received, from the non-member spouse, consent to the allocation, rollover or transfer; or

(b)  

in the case of a rollover or transfer - believes, on reasonable grounds, that:

(i) the trustee of the receiving regulated superannuation fund, approved deposit fund or EPSSS; or

(ii) the receiving RSA provider;
has received from the non-member spouse consent to the rollover or transfer.

7A.16(6)  


If the trustee of the transferor fund believes, on reasonable grounds and after making reasonable inquiries, that the non-member spouse has not given a consent mentioned in subregulation (5), the trustee must:

(a)  consider whether it would be in the best interests of the non-member spouse to pay the amount to the Commissioner under section 22 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; and

(b)  if the trustee does not pay the amount to the Commissioner under section 22 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 - allocate the amount to an interest that the trustee creates for the non-member spouse in the regulated superannuation fund or approved deposit fund.

7A.16(7)  
The consent of the member spouse to a rollover or transfer under this regulation is not required.

7A.16(8)  
In subregulation (5):

consent
means:


(a) written consent; or


(b) any other form of consent determined by the Regulator as sufficient in the circumstances.




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