Superannuation Industry (Supervision) Regulations 1994

PART 7A - SUPERANNUATION INTERESTS SUBJECT TO PAYMENT SPLIT  

Division 7A.3 - Splittable payments - payment standards for non-member spouse entitlements  

REGULATION 7A.18   CASHING OF NON-MEMBER SPOUSE ENTITLEMENTS  

7A.18(1)  
This regulation applies if:

(a)  

the non-member spouse has satisfied a relevant condition of release at the time of the splittable payment; or

(b)  

the splittable payment derives from an allocated pension, market linked pension or account-based pension.

7A.18(2)  


When the splittable payment becomes payable, the trustee must:

(a)  pay the amount to which the non-member spouse is entitled; or

(b)  

if the splittable payment is not a pension payment, and the non-member spouse asks the trustee to allocate the amount to which the non-member spouse is entitled to an interest the trustee is to create for the non-member spouse in the regulated superannuation fund or approved deposit fund in which the original interest is held - give effect to the request unless:

(i) the regulated superannuation fund in which the non-member spouse interest is held has no more than 6 members; or

(ii) the governing rules of the regulated superannuation fund or approved deposit fund in which the original interest is held do not allow a new interest to be created for the non-member spouse in the fund; or

(c)  if the splittable payment is not a pension payment, and the non-member spouse asks the trustee to roll over or transfer the amount to which the non-member spouse is entitled to another regulated superannuation fund, an RSA, an approved deposit fund or an EPSSS, nominated by the non-member spouse, to be held for the benefit of the non-member spouse - give effect to the request unless the regulated superannuation fund, approved deposit fund, EPSSS or RSA specified in the request does not accept the rollover or transfer of benefits for the non-member spouse.

7A.18(3)  


If subparagraph (2)(b)(i) applies:

(a)  the trustee may give effect to the request; or

(b)  

if the trustee does not give effect to the request and the non-member spouse asks the trustee to pay the amount to which the non-member spouse is entitled to the non-member spouse - the trustee must pay the amount to the non-member spouse; or

(c)  

if the trustee does not give effect to the request and paragraph (b) of this subregulation does not apply - the trustee must:

(i) roll over or transfer the amount to which the non-member spouse is entitled to another regulated superannuation fund, approved deposit fund, EPSSS or RSA nominated by the non-member spouse; or

(ii) if there has been no such nomination by the non-member spouse - consider whether it would be in the best interests of the non-member spouse to pay the amount to which the non-member spouse is entitled to the Commissioner under section 22 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

7A.18(4)  
If subparagraph (2)(b)(ii) or paragraph (2)(c) applies, the trustee must:

(a)  if the non-member spouse asks the trustee to pay the amount to which the non-member spouse is entitled to the non-member spouse - pay the amount to which the non-member spouse is entitled; or

(b)  

in any other case:

(i) roll over or transfer the amount to which the non-member spouse is entitled to another regulated superannuation fund, approved deposit fund, EPSSS or RSA nominated by the non-member spouse; or

(ii) if there has been no such nomination by the non-member spouse - consider whether it would be in the best interests of the non-member spouse to pay the amount to which the non-member spouse is entitled to the Commissioner under section 22 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

 

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