Retirement Savings Accounts Regulations 1997

PART 4A - RSA INTERESTS SUBJECT TO PAYMENT SPLIT  

Division 4A.2 - Options available for interests  

REGULATION 4A.05   RSA PROVIDER MAY OPEN A NEW RSA  

4A.05(1)   [Creation of non-member interest]  

The RSA provider may, at or after the operative time for the payment split, open a new RSA (the non-member spouse interest ) for the non-member spouse in the non-member spouse ' s name.

4A.05(2)   [Duration of non-member interest]  

If the RSA provider creates a non-member spouse interest under subregulation (1), the person known as the non-member spouse at the operative time will continue to be a non-member spouse for the purposes of Part 4A until the RSA provider takes an action under regulation 4A.11 , 4A.12 , 4A.13 or 4A.14 .

4A.05(3)   [Value of non-member benefits]  

Subject to subregulation (4), the value of the benefits that the non-member spouse has in the new RSA must be:

(a) if the payment split is a base amount payment split and an adjusted base amount applies to the non-member spouse when the new RSA is opened - the adjusted base amount less the amount of any fees payable by the non-member spouse in respect of the payment split; or

(b) if the payment split is a base amount payment split and an adjusted base amount does not apply to the non-member spouse when the new RSA is opened - the base amount allocated to the non-member spouse, within the meaning of regulation 45 of the Family Law (Superannuation) Regulations 2001 , less the amount of any fees payable by the non-member spouse in respect of the payment split; or

(c) if the payment split is a percentage payment split:

(i) for an entitlement in respect of an interest in the growth phase - the amount in relation to the interest at the time when the new RSA is opened, determined in the way in which a court would determine an amount in accordance with regulation 28 and subregulation 31(2A) of the Family Law (Superannuation) Regulations 2001 , multiplied by the percentage specified in the relevant superannuation agreement, flag lifting agreement or splitting order, less the amount of any fees payable by the non-member spouse in respect of the payment split; or

(ii) for an entitlement in respect of any other interest - the amount in relation to the interest at the time when the new RSA is opened, determined in the way in which a court would determine an amount in accordance with the relevant method in Part 5 of the Family Law (Superannuation) Regulations 2001 , multiplied by the percentage specified in the relevant superannuation agreement, flag lifting agreement or splitting order, less the amount of any fees payable by the non-member spouse in respect of the payment split.

4A.05(4)   [Value of benefits in relation to original interest]  

The value of the benefits in the non-member spouse interest must not be more than the value of the withdrawal benefit in relation to the member spouse and the original interest immediately before the non-member spouse interest is opened.

4A.05(5)   [Reduction of original interest benefits]  

The value of the benefits that the member spouse has in his or her interest must be reduced by:

(a) the value of the benefits in the non-member spouse interest; and

(b) the amount of any fees payable by the non-member spouse in respect of the payment split.

4A.05(6)   [Proportions]  

In opening the new RSA for the non-member spouse:

(a) a proportion must be taken from the unrestricted non-preserved benefits, the restricted non-preserved benefits and the preserved benefits of the member spouse; and

(b) the proportion taken from each category of benefits must be the same as the proportion that the category bears to the member spouse ' s interest immediately before the payment split.

4A.05(6A)   [Character of non-member benefits]  

The benefits in the non-member spouse interest are:

(a) if the original interest is in the growth phase - unrestricted non-preserved benefits, restricted non-preserved benefits or preserved benefits in accordance with the character that they had in the member spouse ' s interest; and

(b) if the original interest is an allocated pension, market linked pension or account based pension - unrestricted non-preserved benefits.

4A.05(7)   [Opening day]  

The new RSA is taken to be opened on the day when the RSA provider opens the new RSA.

4A.05(8)   [Written notice of new interest]  

At the time that the payment split notice is given or, if a payment split notice is not required, within 28 days after the later of:

(a) the operative time; and

(b) the time when the RSA provider creates the non-member spouse interest; the RSA provider must give to the member spouse and the non-member spouse a written notice stating:

(c) that the new interest has been created; and

(d) that the value of the original interest has been reduced; and

(e) the amount of the non-member spouse interest.