Retirement Savings Accounts Regulations 1997

PART 4A - RSA INTERESTS SUBJECT TO PAYMENT SPLIT  

Division 4A.4 - Splittable payments - payment standards for non-member spouse entitlements  

REGULATION 4A.25   APPLICATION OF DIVISION 4A.4  

4A.25(1)   [Application]  

This Division applies if:

(a) an RSA interest (the original interest ) is subject to a payment split; and

(b) the non-member spouse is entitled to be paid an amount from the original interest because a splittable payment in respect of the interest has become payable; and

(c) a new RSA has not been opened for the non-member spouse, or the transferable benefits of the non-member spouse have not been transferred or rolled out of the fund, as a result of a payment split.

4A.25(2)   [Death benefit]  

However, if an amount under the Act would be a superannuation death benefit within the meaning of the 1997 Tax Act if it were paid to the non-member spouse, a requirement in this Division:

(a) to pay the amount; or

(b) to roll over or transfer the amount to another regulated superannuation fund, an RSA, an approved deposit fund or an EPSSS, to be held for the benefit of the non-member spouse; or

(c) to allocate the amount to an interest that the trustee creates for the non-member spouse in the regulated superannuation fund or approved deposit fund;

is taken to be a requirement to pay the amount to the non-member spouse in cash.