Retirement Savings Accounts Regulations 1997

PART 4 - PAYMENT STANDARDS  

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

REGULATION 4.35K   TIMEFRAMES FOR ROLLOVERS AND TRANSFERS  

4.35K(1)    
This regulation applies if an RSA provider (the transferring entity ) is required to roll over or transfer an amount to a receiving entity under regulation 4.35J .

Timeframe - standard

4.35K(2)    
Subject to subregulation (3), the transferring entity must roll over or transfer the amount as soon as practicable, but in any case no later than 3 business days after:

(a) the transferring entity received the rollover or transfer request; or

(b) if the transferring entity seeks further information under regulation 4.35F or subregulation 4.35G(4) or 4.35H(3) - the date the transferring entity receives the information.

Timeframe - non-standard

4.35K(3)    
If the receiving entity is unable to receive the rollover or transfer in accordance with any applicable Standards made under subsection 45B(3) of the Act or subsection 34K(3) of the SIS Act, the transferring entity is required to roll over or transfer the amount as soon as practicable, but in any case no later than 30 days after:

(a) the transferring entity received the rollover or transfer request; or

(b) if the transferring entity seeks further information under regulation 4.35F or subregulation 4.35G(4) or 4.35H(3) - the date the transferring entity receives the information.