PART 7A
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SUPERANNUATION INTERESTS SUBJECT TO PAYMENT SPLIT
History
Pt 7A inserted by SR No 353 of 2001, reg 3 and Sch 1 item 43, effective 28 December 2002.
Division 7A.3
-
Splittable payments
-
payment standards for non-member spouse entitlements
History
Div 7A.3 inserted by SR No 353 of 2001, reg 3 and Sch 1 item 43, effective 28 December 2002.
REGULATION 7A.16
PRESERVATION OF NON-MEMBER SPOUSE ENTITLEMENTS
7A.16(1)
[Application]
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.
History
Reg 7A.16(1) amended by No 84 of 2013, s 3 and Sch 8 item 13, by substituting
"
allocated pension, market linked pension or account-based pension
"
for
"
allocated pension or market linked pension
"
in para (b), effective 1 July 2007.
Reg 7A.16(1) amended by SR No 148 of 2004, reg 3 and Sch 3 item 34, by substituting
"
allocated pension or market linked pension.
"
for
"
allocated pension.
"
in para (b), effective 20 September 2004.
Reg 7A.16(1) amended by SR No 153 of 2004, reg 3 and Sch 1 item 49, by substituting
"
the non-member spouse
"
for
"
a non-member spouse
"
in para (a), effective 25 June 2004.
Reg 7A.16(1) substituted by SR No 353 of 2002, reg 3 and Sch 1 item 52, effective 28 December 2002. Reg 7A.16(1) formerly read:
7A.16(1)
Subject to regulation 7A.17, this regulation applies if the non-member spouse has not satisfied a relevant condition of release at the time of the splittable payment.
7A.16(2)
[Trustee
'
s obligations]
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.
History
Reg 7A.16(2) amended by SR No 353 of 2002, reg 3 and Sch 1 item 53, by substituting
"
fund, an RSA, an approved deposit fund or an EPSSS,
"
for
"
fund or an RSA,
"
in para (b), effective 28 December 2002.
7A.16(2A)
[Trustee must preserve]
The trustee must preserve the amount mentioned in subregulation (2).
History
Reg 7A.16(2A) inserted by SR No 353 of 2002, reg 3 and Sch 1 item 54, effective 28 December 2002.
7A.16(3)
[Lump sums]
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.
History
Reg 7A.16(3) amended by SLI No 14 of 2013, reg 3 and Sch 1 item 10, by substituting
"
30 days
"
for
"
90 days
"
in para (a), effective 19 February 2013.
7A.16(4)
[Certain pensions]
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.
History
Reg 7A.16(4) amended by No 84 of 2013, s 3 and Sch 8 item 14, by substituting
"
allocated pension, market linked pension or account-based pension
"
for
"
allocated pension or a market linked pension
"
, effective 1 July 2007.
Reg 7A.16(4) amended by SR No 148 of 2004, reg 3 and Sch 3 item 35, by substituting
"
, an allocated pension or a market linked pension
"
for
"
or an allocated pension
"
, effective 20 September 2004.
Reg 7A.16(4) amended by SR No 353 of 2002, reg 3 and Sch 1 item 55, by substituting
"
applies or an allocated pension),
"
for
"
applies),
"
, effective 28 December 2002.
7A.16(5)
[Consent required]
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
(ii)
the receiving RSA provider;
has received from the non-member spouse consent to the rollover or transfer.
History
Reg 7A.16(5) amended by SR No 153 of 2004, reg 3 and Sch 1 item 50, by substituting para (b), effective 25 June 2004. Para (b) formerly read:
(b)
believes, on reasonable grounds, that the trustee of the receiving regulated superannuation fund, RSA, approved deposit fund or EPSSS has received from the non-member spouse consent to the allocation, rollover or transfer.
Reg 7A.16(5) amended by SR No 353 of 2002, reg 3 and Sch 1 item 56, by substituting
"
fund, RSA, approved deposit fund or EPSSS
"
for
"
fund or RSA
"
in para (b), effective 28 December 2002.
7A.16(6)
[If trustee believes no consent given]
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):
(a)
the trustee must:
(i)
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
(ii)
apply, under subsection
243(2)
of the Act, for the issue to the non-member spouse of an interest in an eligible rollover fund that is a regulated superannuation fund; and
(b)
if subparagraph (a)(ii) applies
-
the amount must be rolled over or transferred to that fund.
History
Reg 7A.16(6) substituted by SR No 153 of 2004, reg 3 and Sch 1 item 51, effective 25 June 2004. Reg 7A.16(6) formerly read:
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):
(a)
the trustee must apply, under subsection
243(2)
of the Act, for the issue to the non-member spouse of an interest in an eligible rollover fund that is a regulated superannuation fund; and
(b)
the amount must be rolled over or transferred to that fund.
7A.16(7)
[Member spouse]
The consent of the member spouse to a rollover or transfer under this regulation is not required.
7A.16(8)
[
"
consent
"
]
In subregulation (5):
consent
means:
(a)
written consent; or
(b)
any other form of consent determined by the Regulator as sufficient in the circumstances.
History
Reg 7A.16 inserted by SR No 353 of 2001, reg 3 and Sch 1 item 43, effective 28 December 2002.