Retirement Savings Accounts Regulations 1997

PART 4 - PAYMENT STANDARDS  

Division 4.4A - Compulsory rollover and transfer of benefits in RSAs  

REGULATION 4.35P   WHEN AN RSA PROVIDER MAY REFUSE TO ROLL OVER OR TRANSFER AN AMOUNT  

4.35P(1)    
An RSA provider may refuse to roll over or transfer an amount under regulation 4.35J if:

(a) the superannuation entity or RSA provider to which the RSA holder has requested the amount be rolled over or transferred will not accept the amount; or

(b) the amount to be rolled over or transferred is part only of the RSA holder ' s withdrawal benefit in the RSA, and the effect of rolling over or transferring the amount would be that the RSA holder ' s withdrawal benefit in the RSA from which the amount is to be rolled over or transferred would be less than $5,000; or

(c) the RSA provider has, under regulation 4.35J , rolled over or transferred an amount of the RSA holder ' s withdrawal benefit within 12 months before the request is received.

4.35P(2)    
If an RSA provider refuses to roll over or transfer an amount under subregulation (1), the RSA provider must tell the RSA holder of the refusal in writing.