Superannuation Industry (Supervision) Regulations 1994

PART 2 - INFORMATION FOR CERTAIN PARTIES  

Division 2.5A - Information about superannuation interest subject to payment split  

REGULATION 2.36E   OTHER INFORMATION TO BE GIVEN BY TRUSTEE - ADVERSE EFFECTS ON BENEFITS  

2.36E(1)   [Application]  

This regulation applies if:

(a) an interest in a fund is subject to a base amount payment split or a percentage payment split; and

(b) the interest is not a percentage-only interest; and

(c) the interest is in the growth phase; and

(d) none of the following has occurred in respect of a payment split:

(i) a new interest was created for the non-member spouse;

(ii) the transferable benefits of the non-member spouse were transferred or rolled out of the fund;

(iii) the amount to which the non-member spouse is entitled under the payment split was paid, as a lump sum, to the non-member spouse.

2.36E(2)   [Information that must be given]  

The trustee of the fund must give to the non-member spouse information about an event if the trustee reasonably believes that:

(a) the event is likely to have a material effect on the interest in the fund; and

(b) the effect may be adverse (whether the adverse effect would occur at the time of the event or a later time).

2.36E(2A)   [Certain death benefits]  

If:

(a) the member spouse lodges a notice, or makes a request of a trustee, which would bind the trustee to pay death benefits to a particular beneficiary or beneficiaries; and

(b) a payment made in accordance with the notice or request would not be a splittable payment because of the identity or characteristics of that beneficiary or those beneficiaries;

the trustee must inform the non-member spouse that the member spouse has lodged the notice or made the request.

2.36E(3)   [Timing]  

The information required under subregulation (2) or (2A) must be given before, or as soon as practicable after, the occurrence of the event.