Retirement Savings Accounts Regulations 1997

PART 4A - RSA INTERESTS SUBJECT TO PAYMENT SPLIT  

Division 4A.4 - Splittable payments - payment standards for non-member spouse entitlements  

REGULATION 4A.28   CASHING OF NON-MEMBER SPOUSE ENTITLEMENTS  

4A.28(1)    
This regulation applies if:

(a)    the non-member spouse has satisfied a relevant condition of release at the time of the splittable payment; or

(b)    

the splittable payment derives from an allocated pension, market linked pension or account based pension.

4A.28(2)    
When the splittable payment becomes payable, the RSA provider of the RSA in which the original interest is held must:

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

(b)    if the amount is not a pension and the non-member spouse so requests:

(i) subject to subregulation (4), open a new RSA in the non-member spouse ' s name and transfer the amount to the new RSA; or

(ii) roll over or transfer the amount to an RSA provided by another RSA provider, or to a regulated superannuation fund, an approved deposit fund or an EPSSS, nominated by the non-member spouse, to be held for the benefit of the non-member spouse.

4A.28(3)    

The RSA provider must comply with subregulation (2) within 30 days after the splittable payment becomes payable.

4A.28(4)    
An RSA provider must not open a new RSA for a non-member spouse unless:

(a)    the RSA provider has received an eligible application from the non-member spouse to open a new RSA; and

(b)    the RSA provider is otherwise permitted to open a new RSA for the non-member spouse.

4A.28(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)    

if paragraph (a) does not apply - roll over or transfer the amount to an RSA provided by another RSA provider, or to a regulated superannuation fund, an approved deposit fund, or an EPSSS, nominated by the non-member spouse; or

(c)    

if paragraph (a) does not apply and there has been no such nomination by the non-member spouse - consider whether it would be in the best interests of the non-member spouse to pay the amount to the Commissioner under section 22 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 .

4A.28(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)    

if paragraph (a) does not apply - roll over or transfer the amount to an RSA provided by another RSA provider, or to a regulated superannuation fund, an approved deposit fund, or an EPSSS, nominated by the non-member spouse; or

(c)    

if paragraph (a) does not apply and there has been no such nomination by the non-member spouse - consider whether it would be in the best interests of the non-member spouse to pay the amount to the Commissioner under section 22 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 .