Superannuation Industry (Supervision) Regulations 1994

PART 6 - PAYMENT STANDARDS

Division 6.5 - Compulsory rollover and transfer of superannuation benefits in regulated superannuation funds and approved deposit funds

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REGULATION 6.33A ACTION BY RECEIVING FUND ON RECEIPT OF REQUEST

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6.33A(1)
This regulation applies to the trustee of a fund (the receiving fund ) if the receiving fund receives a written request from a member to roll over or transfer, to the receiving fund, the whole or part of the member ' s:

(a) withdrawal benefit from a regulated superannuation fund or approved deposit fund; or

(b) withdrawal benefit in an RSA provided by an RSA provider.

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6.33A(2)

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The trustee of the receiving fund must tell the regulated superannuation fund, approved deposit fund or RSA provider (the transferring fund ) about the request and give the following details to the transferring fund:

(a) the member ' s full name;

(b) the member ' s date of birth;

(c) the member ' s sex;

(d) the member ' s residential address;

(e) the member ' s membership number, or account number, with the transferring fund;

(f) the receiving fund ' s name and ABN;

(g) the receiving fund ' s unique superannuation identifier for the rollover or transfer;

(h) the transferring fund ' s name and ABN;

(i) the transferring fund ' s unique superannuation identifier or unique RSA identifier for the rollover or transfer.

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6.33A(3)
However, subsection (2) does not apply if the trustee does not have all of the details mentioned in subsection (2).

6.33A(4)
The trustee must also tell the transferring fund:

(a) whether the request is to rollover or transfer the whole or a part of the member ' s withdrawal benefit; and

(b) if the request is to rollover or transfer a part of the member ' s withdrawal benefit - the amount to be rolled over or transferred.

6.33A(5)
The trustee must also give the tax file number to the transferring fund, unless, before the rollover or transfer, the member gives the trustee a written statement requesting the trustee not to inform any RSA provider or any other trustee of the member ' s tax file number.

Note:

Standards made under subsection 34K(3) of the Act may set out how the information in subregulations (2) and (4) is to be given to the transferring fund (for example, electronically), and may set out additional information that must be given.

6.33A(6)
Before the trustee gives the information to the transferring fund, the trustee must reasonably believe that the member:

(a) is aware that the member may ask the trustee of the transferring fund for information that the member reasonably requires for the purpose of understanding any benefit entitlements that the member 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 member may have; and

(b) either:

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

(ii) does not require such information.

Note:

Under section 1017C of the Corporations Act 2001 , a trustee of a fund must, on request by a member of the fund, give the member the information and documents mentioned in subsections 1017C(3) and (5) . See also regulations 7.9.02 , 7.9.45 and 7.9.47 of the Corporations Regulations 2001 .

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History

Reg 6.33A substituted by SLI No 317 of 2012, reg 4 and Sch 2 item 1, effective 1 July 2013. Reg 6.33A formerly read:

REGULATION 6.33A TRUSTEE MAY REQUEST INFORMATION OR DOCUMENTATION
General

6.33A(1)
If:

(a) a trustee of a fund requires further information to roll over or transfer a withdrawal benefit after receiving a request under regulation 6.33; and

(b) the request relates to the whole transfer of the member ' s withdrawal benefit; and

(c) the trustee requires further information that is mandatory information in the form in Schedule 2A ;
the trustee must ask the member for the mandatory information within 10 working days after receiving the request.

6.33A(2)
If:

(a) a trustee of a fund requires further information to roll over or transfer a withdrawal benefit after receiving a request under regulation 6.33 ; and

(b) the request relates to the partial transfer of the member ' s withdrawal benefit; and

(c) the trustee requires further information that is reasonably required to process the request;
the trustee must ask the member for the information within 10 working days after receiving the request.

6.33A(3)
If the trustee does not receive the information requested under subregulation (1) or (2) within 10 working days after making the request, the trustee must make reasonable further inquiries of the member to obtain the information.
Note:

If a request under regulation 6.33 does not include all of the mandatory information in the form in Schedule 2A (whether or not the request is made using the form) the trustee may still roll over or transfer the amount without asking for the rest of the mandatory information.

Transfers to a self managed superannuation fund

6.33A(4)
If:

(a) a request under regulation 6.33 is made by a member ( member 1 ) to roll over or transfer an amount that is the whole or part of the member ' s withdrawal benefit to a self managed superannuation fund; and

(b) the trustee of the transferring superannuation fund is aware that:

(i) another request has been made to roll over or transfer an amount to the same self managed superannuation fund; and

(ii) the other request was made by another member who is not a relative of member 1, within the meaning of subsection 17A(9) of the Act; and

(iii) the other request:

(A) has been processed; or

(B) is currently with the trustee of the transferring superannuation fund to be processed;

the trustee may require member 1 to provide with the request a copy of documentation, complying with the requirements of certification in the form in Schedule 2A , that shows that member 1 is a member or trustee of the self managed superannuation fund before the trustee processes member 1 ' s request.

Examples of documents showing that a member is a member or trustee of a self managed superannuation fund

1 A trust deed.

2 The member ' s contribution statement.

3 The annual return of the self managed superannuation fund.

6.33A(5)
If a trustee of a fund requires a copy of documentation under subregulation (4):

(a) the trustee must, within 10 working days after receiving the request under regulation 6.33 , ask the member for a copy of the documentation; and

(b) if the trustee has not received a copy of the documentation within 10 working days after making the request, the trustee must make reasonable further inquiries of the member to obtain a copy of the documentation.

Reg 6.33A inserted by SLI No 14 of 2013, reg 3 and Sch 1 item 3, effective 19 February 2013.

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Superannuation Industry (Supervision) Regulations 1994

Division 6.5 - Additional standards for eligible rollover funds

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