Retirement Savings Accounts Amendment Regulations 2002 (No. 2)

(47 of 2002)

7 March 2002

Made under Retirement Savings Accounts Act 1997

1   Name of Regulations

These Regulations are the Retirement Savings Accounts Amendment Regulations 2002 (No. 2).

2   Commencement

These Regulations commence on gazettal.

3   Amendment of Retirement Savings Accounts Regulations 1997

Schedule 1 amends the Retirement Savings Accounts Regulations 1997.

Schedule 1   Amendments

[1]   Subregulation 1.03 (1), after definition of member

insert

non-member spouse , in relation to an RSA interest that is subject to a payment split, means the person who is the non-member spouse in relation to the interest under Part VIIIB of the Family Law Act 1975.

[2]   Subregulation 1.03 (1), after definition of part-time

insert

payment split means a payment split under Part VIIIB of the Family Law Act 1975.

[3]   Subregulation 1.03 (1), after definition of RSA holder-protection standards

insert

RSA interest means an interest that a person has as the holder of an RSA, but does not include a reversionary interest.

[4]   After subregulation 2.04 (3)

insert

(4) For this regulation, the non-member spouse in relation to an RSA interest that is subject to a payment split is taken to be an RSA holder.

[5]   Regulation 2.24

after

a decision of an RSA provider

insert

(other than a decision that gives effect to a payment split)

[6]   Regulation 2.27

omit

The RSA provider

insert

(1) Subject to subregulation (2), the RSA provider

[7]   Regulation 2.27

insert

(2) Subregulation (1) does not apply to an event or decision in relation to an RSA that relates to a payment split in respect of the RSA.

[8]   Subregulation 2.28 (1)

omit

subregulation (2),

insert

subregulation (2) (other than a change that gives effect to a payment split),

[9]   Subregulation 2.28 (3)

after

transferred

insert

(otherwise than under a payment split)

[10]   Subregulation 2.29 (1)

after the first mention of

paid

insert

(otherwise than under a payment split)

[11]   Paragraph 2.34 (3) (c)

substitute

(c) has a right or claim under the RSA (including, if a payment split applies to the RSA, the non-member spouse in relation to the relevant RSA interest);