Superannuation Industry (Supervision) Regulations 1994
Pt 5 heading substituted by SR No 64 of 1995.
(a) an interest (the original interest ) in an accumulation fund is subject to a payment split; and
(b) under Division 7A.2 :
(i) a new interest is created in the fund for the non-member spouse; or
5.06B(2) [Trustee ' s discretion where interests created]
(ii) the transferable benefits of the non-member spouse are rolled over or transferred to another fund, an EPSSS or an RSA.
If subparagraph (1)(b)(i) applies, the trustee may decide that all the benefits held in the original interest, and in the new interest, immediately after the new interest is created are minimum benefits.5.06B(3) [Trustee ' s discretion where benefits rolled over, etc]
If subparagraph (1)(b)(ii) applies, the trustee may decide that all the benefits held in the original interest immediately after the transferable benefits are rolled over or transferred are minimum benefits.
Note: Transferable benefits rolled over or transferred to another regulated superannuation fund would be minimum benefits in accordance with regulation 5.06 .5.06B(4) [ No decision if effect reduces minimum benefits]
However, the trustee must not make a decision mentioned in subregulation (2) or (3) if the decision would have the effect of reducing the minimum benefits held by the other members of the fund.5.06B(5) [ Proportionate allocation]
If the trustee does not make a decision mentioned in subregulation (2) or (3), the minimum benefits held in the original interest are allocated between the member spouse and the non-member spouse in proportion to the split of benefits in the original interest.
Reg 5.06B inserted by SR No 353 of 2001, reg 3 and Sch 1 item 36, effective 28 December 2002.
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