Retirement Savings Accounts Regulations 1997

PART 4 - PAYMENT STANDARDS  

Division 4.4 - Rollover and transfer of benefits  

[ NOTE:

See also Parts 8 and 9 of the Act.]

REGULATION 4.31  

4.31   OPERATING STANDARDS  

Subject to regulation 4.34 , for the purposes of subsection 38(1) of the Act, it is a standard applicable to the operation of RSAs that the RSA institution ( ``the receiving RSA institution'' ) must not accept the rollover or transfer of a benefit from another RSA or from a superannuation entity or an EPSSS if:

(a) the receiving RSA institution has reasonable grounds to believe that the benefit being rolled over or transferred is being rolled over or transferred on the basis of a belief held by the RSA provider or trustee of the transferring entity (as the case may be) that the receiving RSA institution has received the RSA holder's or member's consent to the rollover or transfer; and

(b) the receiving RSA institution has not received that consent.