Retirement Savings Accounts Act 1997

PART 9 - FACILITY TO PAY BENEFITS TO ELIGIBLE ROLLOVER FUNDS  

SECTION 89   PAYMENT OF BENEFITS TO ELIGIBLE ROLLOVER FUND  

89(1)   When section applies.  

This section applies at a particular time if the conditions specified in the regulations are satisfied.

89(2)   Application to eligible rollover fund.  

The RSA provider may apply to the trustee of an eligible rollover fund, on behalf of the holder of an RSA, for the issue to the holder of a superannuation interest in the eligible rollover fund.

89(2A)    

The application must not be made on or after the later of:

(a)    1 May 2021; and

(b)    the seventh day after the day Schedule 1 to the Treasury Laws Amendment (Reuniting More Superannuation) Act 2021 commences.

89(3)   Consideration for issue.  

The application is to be made on the basis that:

(a)    the consideration for the issue is to be paid, on behalf of the holder, by the RSA provider; and

(b)    the amount of the consideration is equal to the amount ascertained in accordance with the regulations; and

(c)    the RSA provider is not entitled to recover the consideration from the holder (except as a result of the operation of subsection (5)).

89(4)   Authorisation by holder.  

The holder is taken to have authorised the RSA provider:

(a)    to make the application; and

(b)    to pay the consideration.

This rule has effect despite any direction to the contrary by the holder.

89(5)   RSA holder ceases to have rights against RSA provider etc.  

If the superannuation interest is issued in accordance with the application:

(a)    the holder ceases to have rights against the RSA provider; and

(b)    if:

(i) immediately before the interest was issued in accordance with the application, another person had a contingent right against the RSA provider to a death or disability benefit; and

(ii) the contingent right was derived from the holder's capacity as the holder of an RSA provided by the RSA provider;

the other person ceases to have the contingent right against the RSA provider.

Note:

To avoid doubt, a reference in paragraph (a) to a right against the RSA provider includes a reference to a contingent right to a death or disability benefit.

89(6)   Terms and conditions overridden.  

This section has effect despite anything in the terms and conditions of the RSA.