Retirement Savings Accounts Regulations 1997

PART 4 - PAYMENT STANDARDS  

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

REGULATION 4.35J   ROLLOVER OR TRANSFER OF RSA HOLDER ' S WITHDRAWAL BENEFIT  

Application of regulation

4.35J(1)    
This regulation applies to an RSA provider (the transferring entity ) if:

(a) the transferring entity receives a request to roll over or transfer the whole or part of an RSA holder ' s withdrawal benefit in an RSA provided by the transferring entity to any of the following (the receiving entity ):

(i) a superannuation entity;

(ii) an RSA provided by another RSA provider;

(iii) an EPSSS; and

Note:

The request could come from the RSA holder, the receiving entity or the Commissioner of Taxation.

(b) for a request to roll over or transfer the whole of the RSA holder ' s withdrawal benefit - the transferring entity receives all information that is mandatory information in the Schedule 2A request form (if the receiving entity is not a self managed superannuation fund) or the Schedule 2B request form (if the receiving entity is a self managed superannuation fund); and

(c) for a request to roll over or transfer part of the RSA holder ' s withdrawal benefit - the transferring entity receives:

(i) the information that would be required by the Schedule 2A request form (if the receiving fund is not a self managed superannuation fund) or the Schedule 2B request form (in any other case); and

(ii) any other information that is reasonably required by the transferring entity to give effect to the rollover or transfer; and

(d) for a request to which subregulation 4.35G(4) applies - the transferring entity has received sufficient information, following the request, to reasonably enable the transferring entity to give effect to the rollover or transfer; and

(e) for a request to which subregulation 4.35H(3) applies - the transferring entity has received sufficient information, following the request, to reasonably enable the transferring entity to give effect to the rollover or transfer.

Transferring entity must rollover or transfer

4.35J(2)    
Subject to regulation 4.35P , the transferring entity must roll over or transfer the amount in accordance with the request.

Note:

Standards made under subsection 45B(3) of the Act may set out how the amount is to be rolled over or transferred, and information that must accompany the rollover or transfer.

4.35J(3)    
The transferring entity must assign a payment reference number to the rollover or transfer, and include the payment reference number in the rollover or transfer.

4.35J(4)    
The payment reference number must be unique to:

(a) the rollover or transfer; or

(b) a number of rollovers or transfers made together on the same day by the transferring entity.

Note:

Standards made under subsection 45B(3) of the Act may set out how the payment reference number is to be determined.

4.35J(5)    
Before the transferring entity rolls over or transfers the amount, the transferring entity must, unless it has received the request from the receiving entity under regulation 4.35D or the Commissioner of Taxation under Part 4AA , reasonably believe that the RSA holder:

(a) is aware that the RSA holder may ask the transferring entity for information that the RSA holder reasonably requires for the purpose of understanding any benefit entitlements that the RSA holder may have, including:

(i) information about any fees or charges that may apply to the proposed rollover or transfer; and

(ii) information about the effect of the proposed rollover or transfer on any benefit entitlements the RSA holder may have; and

(b) either:

(i) has obtained any information the RSA holder reasonably requires; or

(ii) does not require such information.

Note:

Under section 1017C of the Corporations Act 2001 , an RSA provider must, on request by an RSA holder, give the RSA holder the information and documents mentioned in subsection 1017C(2) or (2A) and subsection 1017C(5) of the Corporations Act 2001 . See also regulations 7.9.46 and 7.9.47 of the Corporations Regulations 2001 .