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

Schedule 1   Amendments

28   After regulation 6.17A

insert

6.17AA Payments prevented under Family Law Act 1975

If a trustee of a regulated superannuation fund or an approved deposit fund does not make a payment in accordance with the standard set out in subregulation 6.17 (2) because the trustee is prevented from doing so:

(a) under subsection 90ML (4) of the Family Law Act 1975; or

(b) by an order made under subsection 90MU (1) of the Family Law Act 1975;

the trustee is not in breach of the standard.

Note Subsection 90ML (4) of the Family Law Act 1975 provides that while a payment flag is operating on a superannuation interest, the trustee must not make any splittable payment to any person in respect of the interest. Subsection 90MU (1) of the Family Law Act 1975 provides that a court may make an order in relation to a superannuation interest directing the trustee not to make a splittable payment in respect of the interest without the leave of the court.