Superannuation Industry (Supervision) Regulations 1994

PART 2 - INFORMATION FOR CERTAIN PARTIES  

Division 2.5A - Information about superannuation interest subject to payment split  

REGULATION 2.36C   INFORMATION TO BE PROVIDED BY TRUSTEE WHEN INTEREST BECOMES SUBJECT TO PAYMENT SPLIT  

2.36C(1)    
If an interest in a fund becomes subject to a payment split, the trustee of the fund must give to the non-member spouse in relation to the interest a written notice stating the following information:

(a)    the contact details for the fund;

(b)    if the interest is not a percentage-only interest and the payment split is a base amount split:

(i) the base amount allocated to the non-member spouse under the relevant superannuation agreement, flag lifting agreement or splitting order; and

(ii) the method by which the base amount will be adjusted on an ongoing basis; and

(iii) whether the governing rules of the fund would allow the non-member spouse to become a member of the fund, and information about the options available to the non-member spouse in relation to the interest under Part 7A ;

(c)    if the interest is not a percentage-only interest and the payment split is a percentage payment split:

(i) the percentage that is to apply to all splittable payments in respect of the interest; and

(ii) whether the governing rules of the fund would allow the non-member spouse to become a member of the fund, and information about the options available to the non-member spouse in relation to the interest under Part 7A ;

(d)    

if the interest is a percentage-only interest:

(i) the percentage specified in the relevant superannuation agreement, flag lifting agreement or splitting order; and

(ii) if the payment split is under a superannuation agreement or flag lifting agreement, whether the percentage is to apply for the purposes of subparagraph 90XJ(1)(b)(i) or 90YN(b)(i) (as the case may be) of the Family Law Act 1975 ; and

(iii) if the payment split is under a splitting order, whether the order is made under paragraph 90XT(1)(c) or 90YY(1)(c) (as the case may be) of the Family Law Act 1975 ;

(e)    the circumstances in which the entitlement of the non-member spouse will become payable;

(f)    

(Repealed by SR No 353 of 2002.)

(g)    if the governing rules of the fund would allow the non-member spouse to become a member of the fund, information that the non-member spouse would reasonably need to understand the management and financial condition of the fund and of any relevant sub-plan (for example, the fund ' s product disclosure statement);

(h)    

details of the AFCA scheme;

(i)    

details (in summary form) of the fund ' s internal dispute resolution procedures;

(j)    details of any fee payable by the non-member spouse in respect of the payment split, and arrangements for the payment of any such fee.

2.36C(2)    
The information must be given when the trustee gives the payment split notice to the non-member spouse.

Note:

See regulation 7A.03 for the payment split notice requirements.