Superannuation Industry (Supervision) Regulations 1994

PART 7A - SUPERANNUATION INTERESTS SUBJECT TO PAYMENT SPLIT  

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

REGULATION 7A.12   ROLLING OVER OR TRANSFERRING TRANSFERABLE BENEFITS  

7A.12(1)   [Application]  

This regulation applies if the trustee rolls over or transfers transferable benefits:


(a) to give effect to a request under regulation 7A.06 ; or


(b) on the trustee ' s initiative under paragraph 7A.10(1)(b) or (c) ; or


(c) under subregulation 7A.09(3) or (3A) .

7A.12(2)   [Value of member spouse interest]  

The value of the benefits that the member spouse has in his or her interest must be reduced by the sum of:


(a) the value of:


(i) the transferable benefits; or

(ii) if paragraph (3A)(c) applies - the benefits that are rolled over or transferred; and


(b) the amount of any fees payable by the non-member spouse in respect of the payment split.

7A.12(3)   [Payment before rollover etc occurs]  

If the payment split is a base amount payment split, and a splittable payment becomes payable in respect of the member spouse ' s interest before the trustee rolls over or transfers the transferable benefits, the amount rolled over or transferred for the non-member spouse must be the transferable benefits less the amount the non-member spouse is entitled to in respect of the splittable payment.

7A.12(3A)   [Proportions preserved]  

In rolling over or transferring the transferable benefits:


(a) a proportion must be taken from the unrestricted non-preserved benefits, the restricted non-preserved benefits and the preserved benefits of the member spouse; and


(b) the proportion taken from each category of benefits must be the same as the category bears to the member spouse ' s interest immediately before the benefits were rolled over or transferred; and


(c) the trustee must ensure that the total amount that is rolled over or transferred does not exceed the withdrawal benefit of the member spouse immediately before that amount is rolled over or transferred.

7A.12(3B)   [Character of benefits preserved]  

The benefits held in the new interest are unrestricted non-preserved benefits, restricted non-preserved benefits or preserved benefits in accordance with the character that the benefits had in the member spouse ' s interest.

7A.12(4)   [Timing]  

The trustee must roll over or transfer the transferable benefits as follows:


(a) if the rollover or transfer is to give effect to a request under regulation 7A.06 , it must be done within:


(i) 30 days after receiving the request; or

(ii) any longer period allowed by the Regulator;


(b) if the rollover or transfer is to be done on the trustee ' s initiative under paragraph 7A.10(1)(b), it must be done within 30 days after the trustee receives the nomination from the non-member spouse under subregulation 7A.10(2) ;


(c) if the rollover or transfer is to be done on the trustee ' s initiative under paragraph 7A.10(1)(c) , it must be done within 30 days after the end of the 28-day period mentioned in subregulation 7A.10(2) .

7A.12(5)   [Notice]  

The trustee must give to the member spouse and the non-member spouse, within 28 days after the transferable benefits are rolled over or transferred, a written notice stating:


(a) that the benefits have been rolled over or transferred; and


(b) the amount that was transferred or rolled over; and


(c) if the payment split is a base amount payment split, the amount of any adjustment that has been made to the base amount since:


(i) if the trustee had previously provided information to the non-member spouse under regulation 2.36D - the end of the last completed reporting period; or

(ii) in any other case - the operative time; and


(d) if the benefits are rolled over or transferred to an eligible rollover fund - the name and contact details of the fund.


 

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