Superannuation Industry (Supervision) Regulations 1994

PART 12A - TRANS-TASMAN RETIREMENT SAVINGS PORTABILITY  

Division 2 - New Zealand-sourced amounts  

REGULATION 12A.08   CONTRIBUTION AND BENEFIT ACCRUAL STANDARDS  

12A.08(1)    
For the purposes of implementing the Arrangement, Part 7 of these Regulations, as affected by subregulations (2) to (7), applies in relation to a request to a complying superannuation fund to receive an amount from a KiwiSaver scheme.

Note:

In order to implement the Arrangement, it is appropriate to treat a New Zealand-sourced amount as an amount that is subject to Australia ' s contribution and benefit accrual standards, apart from any differences required by the Arrangement.

Additional information

12A.08(2)    
The application of Part 7 is modified to the extent necessary to ensure that, if a request is made to a complying superannuation fund to receive an amount from a KiwiSaver scheme:

(a) the trustee of the complying superannuation fund may request the following information (in addition to other information that the trustee may require under Part 7 ):

(i) details of any New Zealand sourced amount, returning New Zealand-sourced amount or Australian-sourced amount that forms part of the amount to be received;

(ii) the amount of any tax free component of an Australian-sourced amount;

(iii) any amounts that were restricted non-preserved benefits or unrestricted non-preserved benefits;

(iv) any other information the trustee reasonably requires; and

(b) the KiwiSaver scheme or the member may give the trustee of the complying superannuation fund any details requested under paragraph (a); and

(c) any information requested under paragraph (a), or provided by the KiwiSaver scheme provider or the member under paragraph (b), is given to the trustee of the complying superannuation fund before the trustee decides whether to receive the amount from the KiwiSaver scheme.

Separate identification of New Zealand-sourced amount

12A.08(3)    
The application of Part 7 is modified to the extent necessary to ensure that the trustee of a complying superannuation fund is, at all times, required to administer a member ' s interest in the complying superannuation fund in a way that allows any New Zealand-sourced amount in the fund to be identified separately.

No obligation to receive amount

12A.08(4)    
The application of Part 7 is modified to the extent necessary to ensure that it does not require the trustee of a complying superannuation fund, in any circumstances, to receive an amount from a KiwiSaver scheme.

Note:

In accordance with the Arrangement, arrangements to enhance trans-Tasman portability will be voluntary for providers as to whether they will accept transferred retirement savings.

Member contribution

12A.08(5)    
The application of Part 7 is modified to the extent necessary to ensure that an amount received by a complying superannuation fund from a KiwiSaver scheme is treated as a contribution and a member contribution.

12A.08(6)    
(Repealed by FRLI No F2017L00321)

12A.08(7)    
(Repealed by FRLI No F2017L00321)