Superannuation Industry (Supervision) Regulations 1994
PART 7A
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SUPERANNUATION INTERESTS SUBJECT TO PAYMENT SPLIT
Division 7A.3
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Splittable payments
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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:
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):
(a) written consent; or
(b) any other form of consent determined by the Regulator as sufficient in the circumstances.
View history note
Hide history noteSubject 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.
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.
The trustee must preserve the amount mentioned in subregulation (2).
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.
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.
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
has received from the non-member spouse consent to the rollover or transfer.
(ii) the receiving RSA provider;
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.
The consent of the member spouse to a rollover or transfer under this regulation is not required. 7A.16(8)
In subregulation (5):
(a) written consent; or
(b) any other form of consent determined by the Regulator as sufficient in the circumstances.
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