SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 2.36E Other information to be given by trustee--adverse effects on benefits

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 2.36E

  (1)   This regulation applies if:

  (a)   an interest in a fund is subject to a base amount payment split or a percentage payment split; and

  (b)   the interest is not a percentage - only interest; and

  (c)   the interest is in the growth phase; and

  (d)   none of the following has occurred in respect of a payment split:

  (i)   a new interest was created for the non - member spouse;

  (ii)   the transferable benefits of the non - member spouse were transferred or rolled out of the fund;

  (iii)   the amount to which the non - member spouse is entitled under the payment split was paid, as a lump sum, to the non - member spouse.

  (2)   The trustee of the fund must give to the non - member spouse information about an event if the trustee reasonably believes that:

  (a)   the event is likely to have a material effect on the interest in the fund; and

  (b)   the effect may be adverse (whether the adverse effect would occur at the time of the event or a later time).

  (2A)   If:

  (a)   the member spouse lodges a notice, or makes a request of a trustee, which would bind the trustee to pay death benefits to a particular beneficiary or beneficiaries; and

  (b)   a payment made in accordance with the notice or request would not be a splittable payment because of the identity or characteristics of that beneficiary or those beneficiaries;

the trustee must inform the non - member spouse that the member spouse has lodged the notice or made the request.

  (3)   The information required under subregulation   (2) or (2A) must be given before, or as soon as practicable after, the occurrence of the event.