Retirement Savings Accounts Amendment Regulations 2004 (No. 3) (197 of 2004)

Schedule 1   Amendments

[33]   After subregulation 4A.28 (4)

insert

(5) If the RSA provider is unable to open a new RSA because of subregulation (4), the RSA provider must:

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

(b) in any other case - roll over or transfer the amount to:

(i) an RSA provided by another RSA provider, a regulated superannuation fund, approved deposit fund, or EPSSS nominated by the non-member spouse; or

(ii) an eligible rollover fund.

(6) If a non-member spouse makes a request under subparagraph (2) (b) (ii), and the RSA provider, regulated superannuation fund, approved deposit fund, or EPSSS does not accept the rollover or transfer, the RSA provider must:

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

(b) in any other case - roll over or transfer the amount to:

(i) an RSA provided by another RSA provider, a regulated superannuation fund, approved deposit fund, or EPSSS nominated by the non-member spouse; or

(ii) an eligible rollover fund.