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FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - REG 14Q New annuity established or amount transferred or rolled over or paid by trustee of a superannuation annuity (other than under regulation 14P) in satisfaction of non - member spouse's entitlement under agreement or order

FAMILY LAW (SUPERANNUATION) REGULATIONS 2001 - REG 14Q

New annuity established or amount transferred or rolled over or paid by trustee of a superannuation annuity (other than under regulation 14P) in satisfaction of non - member spouse's entitlement under agreement or order

  (1)   This regulation applies to a superannuation interest that is a percentage - only interest if the interest is in a superannuation annuity that is one of the following:

  (a)   an allocated annuity;

  (b)   a market linked annuity;

  (c)   a fixed term annuity;

  (d)   a lifetime annuity, including a lifetime annuity that is payable for the lives of more than one person.

  (2)   The requirements of this Division are satisfied in relation to a non - member spouse's entitlement under a particular superannuation agreement or splitting order in respect of a superannuation interest of a member spouse if the requirements of subregulation (3), (4) or (5) are satisfied.

  (3)   The requirements of this subregulation are satisfied if:

  (a)   the trustee of the superannuation annuity has, in respect of the non - member spouse's entitlement under the agreement or order, paid to the non - member spouse an amount equal to the value of the non - member spouse's entitlement in respect of the superannuation interest at the time of the payment; and

  (b)   the interest:

  (i)   was in the payment phase at the operative time in relation to the agreement or order; and

  (ii)   is in the payment phase at the time of the payment.

  (4)   The requirements of this subregulation are satisfied if:

  (a)   the trustee of the superannuation annuity has, in respect of the non - member spouse's entitlement under the agreement or order, transferred or rolled over to a superannuation fund or an RSA an amount, to be held for the benefit of the non - member spouse, with a value equal to the value of the non - member spouse's entitlement in respect of the superannuation interest at the time the amount is transferred or rolled over; and

  (b)   the interest is in the payment phase at the time the amount is transferred or rolled over.

  (5)   The requirements of this subregulation are satisfied if:

  (a)   the trustee of the superannuation annuity has, in respect of the non - member spouse's entitlement under the agreement or order, established any of the following new annuities for the benefit of the non - member spouse:

  (i)   an allocated annuity;

  (ii)   a market linked annuity;

  (iii)   a fixed term annuity;

  (iv)   a lifetime annuity; and

  (b)   the new annuity has a value equal to the value of the non - member spouse's entitlement in respect of the superannuation interest at the time the new annuity is established; and

  (c)   the interest is in the payment phase at the time the new annuity is established.

  (6)   For subregulation (5):

  (a)   the trustee of the superannuation annuity is taken to have established a new annuity for the benefit of the non - member spouse if either of the following things have occurred:

  (i)   the trustee has entered into an agreement with the non - member spouse to provide, for his or her benefit, an annuity that is a type of annuity mentioned in subparagraph   (5)(a)(i), (ii), (iii) or (iv);

  (ii)   the trustee has paid to another annuity provider an amount equal to the value of the non - member spouse's entitlement in respect of the superannuation interest at the time the payment is made, for the purpose of that annuity provider providing, for the benefit of the non - member spouse, an annuity that is a type of annuity mentioned in subparagraph   (5)(a)(i), (ii), (iii) or (iv); and

  (b)   the new annuity is taken to have been established:

  (i)   if subparagraph   (a)(i) applies--on the date on which the agreement between the trustee and the non - member spouse is entered into; or

  (ii)   if subparagraph   (a)(ii) applies--on the date on which the amount mentioned in subparagraph   (a)(ii) is paid to the annuity provider by the trustee.

  (7)   For this regulation, the value in respect of non - member spouse's entitlement in respect of a superannuation interest at the time (the termination time ) when the trustee carries out an action described in any of subregulations (3) to (5) is:

  (a)   if the superannuation interest is in a superannuation annuity that is an allocated annuity--the account balance of the allocated annuity at the termination time, multiplied by the specified percentage, less the amount of any fees payable by the non - member spouse under regulation   59; or

  (b)   if the superannuation interest is in a superannuation annuity that is a market linked annuity--the account balance of the market linked annuity at the termination time, multiplied by the specified percentage, less the amount of any fees payable by the non - member spouse under regulation   59; or

  (c)   if the superannuation interest is in a superannuation annuity that is a lifetime annuity--the value of the interest at the termination time calculated in accordance with Schedule   4A, multiplied by the specified percentage, less the amount of any fees payable by the non - member spouse under regulation   59; or

  (d)   if the superannuation interest is in a superannuation annuity that is a fixed term annuity--the value of the interest at the termination time calculated in accordance with Schedule   5A, multiplied by the specified percentage, less the amount of any fees payable by the non - member spouse under regulation   59.

  (8)   For the avoidance of doubt, nothing in this regulation requires the trustee of a superannuation annuity mentioned in subregulation (1) to do any of the things mentioned in subregulation (3), (4) or (5).