Superannuation Industry (Supervision) Amendment Regulations 2004 (No. 6) (153 of 2004)

Schedule 1   Amendments commencing on gazettal

[52]   After subregulation 7A.17 (2)

insert

(3) However, if the amount to be paid to the non-member spouse is a lump sum payable as the result of the commutation of a pension, the non-member spouse may request the trustee:

(a) to allocate the amount to an interest that the trustee creates for the non-member spouse in the regulated superannuation fund or approved deposit fund; or

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

(4) The trustee must give effect to the request unless:

(a) for a request under paragraph (3) (a):

(i) the regulated superannuation fund in which the non-member spouse interest is held has fewer than 5 members; or

(ii) the governing rules of the regulated superannuation fund or approved deposit fund in which the original interest is held do not allow a new interest to be created for the non-member spouse in the fund; or

(b) for a request under paragraph (3) (b) - the regulated superannuation fund, approved deposit fund, EPSSS or RSA specified in the request does not accept the rollover or transfer of benefits for the non-member spouse.

(5) If subparagraph (4) (a) (i) applies:

(a) the trustee may give effect to the request; or

(b) if the trustee does not give effect to the request, the trustee must:

(i) if the non-member spouse asks the trustee to pay the amount to which the non-member spouse is entitled to the non-member spouse - pay the amount; or

(ii) in any other case - roll over or transfer the amount to which the non-member spouse is entitled to:

(A) another regulated superannuation fund, approved deposit fund, EPSSS or RSA nominated by the non-member spouse; or

(B) an eligible rollover fund.

(6) If subparagraph (4) (a) (ii) or paragraph (4) (b) applies, the trustee must:

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

(b) in any other case - roll over or transfer the amount to which the non-member spouse is entitled to:

(i) another regulated superannuation fund, approved deposit fund, EPSSS or RSA nominated by the non-member spouse; or

(ii) an eligible rollover fund.