Retirement Savings Accounts Regulations 1997

PART 4A - RSA INTERESTS SUBJECT TO PAYMENT SPLIT  

Division 4A.2 - Options available for interests  

REGULATION 4A.11   RSA PROVIDER ' S OPTIONS IF NO REQUEST RECEIVED  

4A.11(1)    
If the RSA provider does not receive a request under this Division within the time allowed under regulation 4A.09 , the RSA provider may:

(aa)    

open a new RSA for the non-member spouse in the non-member spouse ' s name; or

(a)    subject to subregulation (2), roll over or transfer the withdrawal benefit from the non-member spouse interest to an RSA provided by another RSA provider, or to a superannuation entity or an EPSSS nominated by the non-member spouse (subject to the terms and conditions of the RSA or the governing rules of the superannuation entity or the EPSSS), to be held for the benefit of the non-member spouse; or

(b)    

if the RSA provider does not, within the 28 day period specified in paragraph (2)(a), receive from the non-member spouse a written notice nominating an RSA, superannuation entity or EPSSS to which the withdrawal benefit from the non-member spouse interest may be rolled over or transferred, consider whether it would be in the best interests of the non-member spouse to pay that amount to the Commissioner under section 22 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

4A.11(2)    

Subject to subregulation (3A), before rolling over or transferring the withdrawal benefit from the non-member spouse interest to an RSA, superannuation entity or EPSSS under paragraph (1)(a), the RSA provider must give to the non-member spouse a written notice stating that:

(a)    the non-member spouse has 28 days from the date of the notice in which to nominate, by written notice to the RSA provider, an RSA, superannuation entity or EPSSS to which the withdrawal benefit from the non-member spouse interest may be rolled over or transferred; and

(b)    

if the non-member spouse does not, within that 28-day period, nominate an RSA, superannuation entity or EPSSS for that purpose, the RSA provider will consider whether it would be in the best interests of the non-member spouse to pay that amount to the Commissioner under section 22 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

4A.11(3)    
(Repealed by FRLI No F2021L00412)

4A.11(3A)    

If an RSA provider:

(a)    has made reasonable attempts to obtain sufficient information about a non-member spouse to be able to give a payment split notice; and

(b)    has been unable to obtain sufficient information about the non-member spouse;

the RSA provider is permitted to act under paragraphs (1)(a) and (b) as if those paragraphs did not require the giving of the payment split notice of the notice under subregulation (2).

Example for paragraph (a)

The RSA provider may be unable, after reasonable attempts, to identify an address or location of the non-member spouse.

4A.11(3B)    
If the RSA provider:

(a)    proposes to give a non-member spouse a notice under subregulation (2); and

(b)    has made reasonable attempts to obtain sufficient information about the non-member spouse to be able to give the notice; and

(c)    has been unable to obtain sufficient information about the non-member spouse;

the RSA provider is not required to give the notice, and is permitted to act under paragraphs (1)(a) and (b) as if those paragraphs did not require the giving of the notice.

Example for paragraph (b)

The RSA provider may be unable, after reasonable attempts, to identify an address or location of the non-member spouse.

4A.11(4)    

If the RSA provider does not take an action under subregulation (1), the RSA provider must give to the non-member spouse a written notice:

(a)    confirming that the non-member spouse has an RSA; and

(b)    informing the non-member spouse of the relevant cooling-off arrangements.

4A.11(5)    

The RSA provider must take an action under subregulation (1) or (4) within 6 months after the later of:

(a)    the operative time; and

(b)    the time when the RSA provider creates the non-member spouse interest.