Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.9 - FINANCIAL PRODUCT DISCLOSURE AND OTHER PROVISIONS RELATING TO ISSUE AND SALE OF FINANCIAL PRODUCTS  

Division 11 - Superannuation to which arrangements apply under the Family Law Act 1975  

REGULATION 7.9.88   STATEMENT CONTENT IN RELATION TO SUPERANNUATION INTEREST UNDER FAMILY LAW ACT: SUPERANNUATION FUND  

7.9.88(1)    
For subparagraphs 1017DA(1)(a)(ii) and (iii), and paragraph 1017DA(1)(b) , of the Act, a trustee of a superannuation entity that is a product issuer must give to a non-member spouse in relation to a superannuation product issued under a payment split a statement providing the following information:

(a)    the contact details for the product issuer;

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

(i) the base amount allocated to the non-member spouse under the relevant 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 superannuation entity; and

(iv) information about the options available to the non-member spouse in relation to the interest under Part 7A of the SIS Regulations;

(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 superannuation entity; and

(iii) information about the options available to the non-member spouse in relation to the interest under Part 7A of the SIS Regulations;

(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 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(1)(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) (Omitted)

(g)    information about the dispute resolution system that covers complaints by holders of the product and about how that system may be accessed;

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

7.9.88(2)    
For paragraph 1017DA(2)(b) of the Act, the statement mentioned in subregulation (1) is to be provided by a regulated person when the regulated person gives a payment split notice to the non-member spouse.