Retirement Savings Accounts Regulations 1997

PART 4 - PAYMENT STANDARDS

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

REGULATION 4.35D ACTION BY RECEIVING ENTITY ON RECEIPT OF REQUEST

4.35D(1)
This regulation applies to an RSA provider (the receiving entity ) if the receiving entity receives a written request from an RSA holder to roll over or transfer, to an RSA provided by the RSA provider, the whole or part of the RSA holder ' s:

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

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

4.35D(2)
The receiving entity must tell the regulated superannuation fund, approved deposit fund or other RSA provider (the transferring entity ) about the request and give the following details to the transferring entity:

(a) the RSA holder ' s full name;

(b) the RSA holder ' s date of birth;

(c) the RSA holder ' s sex;

(d) the RSA holder ' s residential address;

(e) the RSA holder ' s membership number, policy number or account number, with the transferring entity;

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

(g) the unique RSA identifier for the receiving entity;

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

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

4.35D(3)
However, subsection (2) does not apply if the receiving entity does not have all of the details mentioned in subsection (2).

4.35D(4)
The receiving entity must also tell the transferring entity:

(a) whether the request is to roll over or transfer the whole or a part of the RSA holder ' s withdrawal benefit; and

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

4.35D(5)
The receiving entity must also give the RSA holder ' s tax file number to the transferring entity, unless, before the rollover or transfer, the RSA holder gives the receiving entity a written statement requesting the receiving entity not to inform another RSA provider or any superannuation fund trustee of the RSA holder ' s tax file number.

Note:

Standards made under subsection 45B(3) of the Act may set out how the information in subregulations (2) and (4) is to be given to the transferring entity (for example, electronically), and may set out additional information that must be given.

4.35D(6)
Before the receiving entity gives the information to the transferring entity, the receiving entity must reasonably believe that the RSA holder:

(a) is aware that the RSA holder may ask the transferring entity for information that the RSA holder reasonably requires for the purpose of understanding any benefit entitlements that the RSA holder 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 RSA holder may have; and

(b) either:

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

(ii) does not require such information.

Note:

Under section 1017C of the Corporations Act 2001 , an RSA provider must, on request by an RSA holder, give the RSA holder the information and documents mentioned in subsection 1017C(2) or (2A) and subsection 1017C(5) of the Corporations Act 2001 . See also regulations 7.9.46 and 7.9.47 of the Corporations Regulations 2001 .

View history note

History

Reg 4.35D substituted by SLI No 61 of 2013, reg 4 and Sch 2 item 1, effective 1 July 2013. Reg 4.35D formerly read:

REGULATION 4.35D ROLLOVER OR TRANSFER OF WITHDRAWAL BENEFIT
4.35D(1)
Subject to regulation 4.35E , if an RSA provider receives a request under regulation 4.35C , the RSA provider must roll over or transfer the amount in accordance with the request.

4.35D(2)
Before the RSA provider rolls over or transfers an amount, the RSA provider must be satisfied that the RSA holder:

(a) is aware that the RSA holder may ask the RSA provider for information that the RSA holder reasonably requires for the purpose of understanding any benefit entitlements that the RSA holder 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 RSA holder may have; and

(b) does not require such information.
Note:

Under section 1017C of the Corporations Act 2001 , an RSA provider must, on request by an RSA holder, give the RSA holder the information and documents mentioned in subsections 1017C(3A) and (5) . See also regulations 7.9.46 and 7.9.47 of the Corporations Regulations 2001 .

4.35D(3)
The RSA provider must roll over or transfer the amount (or the part of the amount requested to be transferred) as soon as practicable, and in any case within 30 days, after:

(a) the RSA provider receives a request under regulation 4.35C ; or

(b) if the RSA provider requires further information or documentation - the time when the RSA provider receives all of the information or documentation in accordance with regulation 4.35CA .

Reg 4.35D substituted by SLI No 13 of 2013, reg 3 and Sch 1 item 3, effective 19 February 2013. Reg 4.35D formerly read:

REGULATION 4.35D ROLLOVER OR TRANSFER OF BENEFIT
General

4.35D(1)
Subject to regulation 4.35E , if an RSA provider receives a request under regulation 4.35C , the RSA provider must roll over or transfer the amount in accordance with the request.

4.35D(2)
Subject to subregulation (3):

(a) a request to roll over or transfer an amount that is the whole of the RSA holder's benefit may be made:

(i) using the request form; or

(ii) in another manner; and

(b) a request to roll over or transfer an amount that is part of the RSA holder's benefit may include:

(i) the information that would be required by the request form; and

(ii) any other information that the RSA provider of the transferring RSA institution advises the RSA holder to be necessary to process the request.

4.35D(3)
In addition to the information that is, or would be, required in accordance with subregulation (2), if:

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

(b) the RSA provider of the transferring RSA institution 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 RSA holder who is not a relative, within the meaning of subsection 17A(9) of the SIS Act, of holder 1; and

(iii) the other request:

(A) has been processed; or

(B) is currently with the RSA provider of the transferring RSA institution to be processed;

the RSA provider may also require holder 1 to provide with the request a copy of documentation, complying with the requirements of certification in the request form, that shows that holder 1 is a member or trustee of the self managed superannuation fund before the RSA provider processes holder 1's request.
Examples of documents showing that an RSA holder is a member or trustee of a self managed superannuation fund

1 A trust deed.

2 The RSA holder's contribution statement.

3 The annual return of the self managed superannuation fund.

4.35D(4)
Before the RSA provider rolls over or transfers an amount, the RSA provider must be satisfied that the RSA holder:

(a) is aware that the RSA holder may ask the RSA provider for information that the RSA holder reasonably requires for the purpose of understanding any benefit entitlements that the RSA holder 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 RSA holder may have; and

(b) does not require such information.
Note:

Under section 1017C of the Corporations Act 2001 , an RSA provider must, on request by an RSA holder, give the RSA holder the information and documents mentioned in subsections 1017C(3A) and (5) . See also regulations 7.9.46 and 7.9.47 of the Corporations Regulations 2001 .

4.35D(5)
The RSA provider must roll over or transfer the amount (or the part of the amount requested to be transferred) as soon as practicable, and in any case within 30 days, after:

(a) the RSA provider receives a request made under subregulation 4.35C(1) ; or

(b) if the RSA provider requires further information - the time when the RSA provider receives all of the information that would be required in accordance with subregulations 4.35C(2) , (3) and (4) .

Reg 4.35D inserted by SLI No 104 of 2007, reg 5 and Sch 3 item 37, effective 1 July 2007.

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