Retirement Savings Accounts Regulations 1997

PART 4A - RSA INTERESTS SUBJECT TO PAYMENT SPLIT  

Division 4A.3 - Options available for certain RSA interests  

REGULATION 4A.23   ROLLING OVER OR TRANSFERRING TRANSFERABLE BENEFITS  

4A.23(1)   [Application]  

This regulation applies if the RSA provider rolls over or transfers transferable benefits:

(a) to give effect to a request under regulation 4A.17 ; or

(b) on the RSA provider ' s initiative under subregulation 4A.21(1) ; or

(c) under subregulation 4A.20(3) .

4A.23(2)   [Value of member spouse benefits reduced]  

Subject to paragraph (4)(c), the value of the benefits that the member spouse has in his or her interest must be reduced by:

(a) the value of the benefits that are rolled over or transferred; and

(b) the amount of any fees payable by the non-member spouse in respect of the payment split.

4A.23(3)   [Payments preceding rollover]  

If the payment split is a base amount payment split, and a splittable payment becomes payable in respect of the member spouse ' s interest before the RSA provider rolls over or transfers the transferable benefits, the amount rolled over or transferred for the non-member spouse must be the transferable benefits less the amount the non-member spouse is entitled to be paid in respect of the splittable payment.

4A.23(4)   [Proportions]  

In rolling over or transferring the transferable benefits for the non-member spouse:

(a) a proportion must be taken from the unrestricted non-preserved benefits, the restricted non-preserved benefits and the preserved benefits of the member spouse; and

(b) the proportion taken from each category of benefits must be the same as the proportion that the category bears to the member spouse ' s interest immediately before the payment split; and

(c) the total amount that is rolled over or transferred must not exceed the withdrawal benefit of the member spouse immediately before the roll over or transfer.

4A.23(5)   [Character of benefits in new interest]  

The benefits held in the new interest are unrestricted non-preserved benefits, restricted non-preserved benefits or preserved benefits in accordance with the character that the benefits had in the member spouse ' s interest.

4A.23(6)   [Timing]  

The RSA provider must roll over or transfer the transferable benefits as follows:

(a) if the rollover or transfer is to give effect to a request under regulation 4A.17 , it must be done within:

(i) 30 days after receiving the request; or

(ii) any longer period allowed by the Regulator;

(b) if the rollover or transfer is to be done on the RSA provider ' s initiative under paragraph 4A.21(1)(a) , it must be done within 30 days after the RSA provider receives the nomination from the non-member spouse under subregulation 4A.21(2) ;

(c) if the rollover or transfer is to be done on the RSA provider ' s initiative under paragraph 4A.21(1)(b) , it must be done within 30 days after the end of the 28-day period mentioned in subregulation 4A.21(2) .

4A.23(7)   [Notice]  

The RSA provider must give a notice to the non-member spouse and the member spouse, within 28 days after the benefits are rolled over or transferred, stating:

(a) that the benefits have been rolled over or transferred; and

(b) the amount that was rolled over or transferred; and

(c) if the payment split is a base amount payment split, any adjustment that has been made to the base amount since:

(i) if the RSA provider had previously provided information to the non-member spouse under regulation 2.18C - the end of the last completed reporting period; or

(ii) in any other case - the operative time.