Superannuation Industry (Supervision) Amendment Regulations 2002 (No. 5) (353 of 2002)

Schedule 1 Amendments

insert

2.36E Other information to be given by trustee - adverse effects on benefits

(1) This regulation applies if:

(a) an interest in a fund is subject to a base amount payment split or a percentage payment split; and

(b) the interest is not a percentage-only interest; and

(d) none of the following has occurred in respect of a payment split:

(i) a new interest was created for the non-member spouse;

(ii) the transferable benefits of the non-member spouse were transferred or rolled out of the fund;

(iii) the amount to which the non-member spouse is entitled under the payment split was paid, as a lump sum, to the non-member spouse.

(2) The trustee of the fund must give to the non-member spouse information about an event if the trustee reasonably believes that:

(a) the event is likely to have a material effect on the interest in the fund; and

(b) the effect may be adverse (whether the adverse effect would occur at the time of the event or a later time).

(3) The information required under subregulation (2) must be given before, or as soon as practicable after, the occurrence of the event.