Superannuation Industry (Supervision) Regulations 1994

PART 12A - TRANS-TASMAN RETIREMENT SAVINGS PORTABILITY  

Division 3 - Payment of amount to KiwiSaver scheme  

REGULATION 12A.10   PAYMENT  

12A.10(1)    
The application of these Regulations in relation to the payment is modified to the extent necessary to ensure that they do not prevent the payment from being made in the manner described in this regulation.

Note:

In accordance with the Arrangement, arrangements to enhance trans-Tasman portability will be voluntary for individuals as to whether they transfer their retirement savings between Australia and New Zealand.

Payment of whole of withdrawal benefit

12A.10(2)    
The application of these Regulations is modified to the extent necessary to ensure that they:

(a) permit the trustee of a complying superannuation fund to pay the whole of a member ' s withdrawal benefit to a KiwiSaver scheme; and

(b) prohibit the trustee, in any circumstances, from paying only a part of a member ' s withdrawal benefit to a KiwiSaver scheme.

Information before payment can be made

12A.10(3)    
The application of these Regulations is modified to the extent necessary to ensure that they prevent the trustee of a complying superannuation fund, in any circumstances, from paying an amount to a KiwiSaver scheme until the trustee is satisfied about the following matters:

(a) the member has emigrated permanently to New Zealand;

(b) the member has given the trustee:

(i) a statutory declaration stating that the member has emigrated permanently to New Zealand; and

(ii) proof of residence at an address in New Zealand following the member ' s emigration to New Zealand;

(c) the member has requested and consented to the payment of the whole of the member ' s withdrawal benefit;

(d) the member has opened a KiwiSaver scheme account;

(e) the trustee has been given details of the KiwiSaver scheme and the account number to which the amount is to be paid;

(f) the KiwiSaver scheme provider will accept the amount.

12A.10(4)    
For subregulation (3), the application of these Regulations is modified to the extent necessary to ensure that the trustee may require that a document or other evidence or information is verified by oath, affirmation or statutory declaration.

Payment within 30 days

12A.10(5)    
The application of these Regulations is modified to the extent necessary to ensure that the trustee must pay the amount no later than 30 days after the trustee is satisfied about all of the matters mentioned in subregulation (3).

12A.10(6)    

A reference in paragraph (3)(b) or subregulation (4) to a statutory declaration includes a reference to an equivalent declaration (however described) made under a law of New Zealand.