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

Schedule 1   Amendments

43   Subregulations 7A.12 (2) and (3)

substitute

(2) The value of the benefits that the member spouse has in his or her interest must be reduced by the sum of:

(a) the value of the transferable benefits; and

(b) the amount of any fees payable by the non-member spouse in respect of the payment split.

(3) If the payment split is a base amount payment split, and a splittable payment becomes payable in respect of the member spouse's interest before the trustee rolls over or transfers the transferable benefits, the amount rolled over or transferred for the non-member spouse must be the transferable benefits less the amount the non-member spouse is entitled to in respect of the splittable payment.

(3A) In rolling over or transferring the transferable benefits:

(a) a proportion must be taken from the unrestricted non-preserved benefits, the restricted non-preserved benefits and the preserved benefits of the member spouse; and

(b) the proportion taken from each category of benefits must be the same as the category bears to the member spouse's interest immediately before the benefits were rolled over or transferred.

(3B) The benefits held in the new interest are unrestricted non-preserved benefits, restricted non-preserved benefits or preserved benefits in accordance with the character that the benefits had in the member spouse's interest.