Superannuation Industry (Supervision) Regulations 1994

PART 7A - SUPERANNUATION INTERESTS SUBJECT TO PAYMENT SPLIT  

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

REGULATION 7A.04   APPLICATION OF DIVISION 7A.2  

7A.04(1)    
This Division applies in relation to a superannuation interest (the original interest ) in a regulated superannuation fund, or an approved deposit fund, if:

(a) the original interest is subject to a payment split; and

(b) either:

(i) the original interest is an accumulation interest that is in the growth phase; or

(ii) an allocated pension, market linked pension or account-based pension is being paid in respect of the original interest.

7A.04(2)    

This Division does not apply to an accumulation interest:

(a) if:

(i) the interest is a partially vested accumulation interest; and

(ii) the transferable benefits in relation to the accumulation interest would be greater than the withdrawal benefit in relation to the member spouse; or

(b) if the interest is determined by reference to a traditional life insurance policy.

7A.04(3)    

This Division does not apply to an original interest if the trustee has created a non-member spouse interest under regulation 7A.03B .

7A.04(4)    

In this regulation:

partially vested accumulation interest
has the meaning given by regulation 9 of the Family Law (Superannuation) Regulations 2001 .