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.27   PRESERVATION OF NON-MEMBER SPOUSE ENTITLEMENTS  

4A.27(1)    
This regulation applies if:

(a)    the non-member spouse has not satisfied a relevant condition of release at the time of the splittable payment; and

(b)    

the splittable payment does not derive from an allocated pension, market linked pension or account based pension.

4A.27(2)    
The RSA provider of the RSA in which the original interest is held must:

(a)    if the RSA provider has received an eligible application from the non-member spouse to open a new RSA, and the RSA provider is otherwise permitted to open a new RSA for the non-member spouse - open a new RSA in the non-member spouse ' s name and transfer the amount to the new RSA; or

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

4A.27(3)    
The RSA provider must preserve the amount mentioned in subregulation (2).

4A.27(4)    
The RSA provider must roll over or transfer the lump sum within:

(a)    

30 days after the splittable payment becomes payable; or

(b)    any longer period allowed by the Regulator.

4A.27(5)    

Subject to subregulation (6), the amount must not be allocated, rolled over or transferred unless the transferor RSA provider:

(a)    has received, from the non-member spouse, consent to the allocation, rollover or transfer; or

(b)    in the case of a rollover or transfer - believes, on reasonable grounds, that:

(i) the receiving RSA provider; or

(ii) the trustee of the receiving regulated superannuation fund, approved deposit fund or EPSSS;

has received from the non-member spouse consent to the rollover or transfer.

4A.27(6)    

If the transferor RSA provider believes, on reasonable grounds and after making reasonable inquiries, that the non-member spouse has not given a consent mentioned in subregulation (5), the RSA provider must:

(a)    consider whether it would be in the best interests of the non-member spouse to pay the amount to the Commissioner under section 22 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; and

(b)    if the RSA provider does not pay the amount to the Commissioner under section 22 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 - roll over or transfer the transferable benefits to a MySuper product.

4A.27(7)    
The consent of the member spouse to a rollover or transfer under this regulation is not required.

4A.27(8)    
In subregulation (5):

consent
means:

(a) written consent; or

(b) any other form of consent determined by APRA as sufficient in the circumstances.