Retirement Savings Accounts Regulations 1997

PART 4A - RSA INTERESTS SUBJECT TO PAYMENT SPLIT  

Division 4A.2 - Options available for interests  

REGULATION 4A.14   PAYING A LUMP SUM  

4A.14(1)   [Application]  

This regulation applies if, to give effect to a request under regulation 4A.08 , the RSA provider pays to the non-member spouse, as a lump sum, the withdrawal benefit from the non-member spouse interest.

4A.14(2)   [Timing]  

The RSA provider must pay the lump sum within:

(a) 30 days after receiving the request under regulation 4A.08 ; or

(b) any longer period allowed by the Regulator.

4A.14(3)   [Notice]  

The RSA provider must give to the non-member spouse, within 28 days after the lump sum is paid, a written notice stating:

(a) that the lump sum has been paid; and

(b) the amount that was paid.