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:
(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
(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:
(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.
(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).