SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.34 Rollover or transfer of withdrawal benefit

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.34

Application of regulation

  (1)   This regulation applies to the trustee of a regulated superannuation fund or approved deposit fund (the transferring fund ) if:

  (a)   the transferring fund receives a request to rollover or transfer the whole or part of a member's withdrawal benefit from the transferring fund to another regulated superannuation fund or approved deposit fund, an RSA provider or an EPSSS (the receiving fund ); and

  (b)   for a request to rollover or transfer the whole of member's withdrawal benefit--the transferring fund receives all information that is required in the approved form referred to in paragraph   6.33(2)(b); and

  (c)   for a request to roll over or transfer part of the member's withdrawal benefit--the transferring fund receives:

  (i)   all the information that is required in the approved form referred to in paragraph   6.33(2)(b); and

  (ii)   any other information that is reasonably required by the trustee of the fund to give effect to the rollover or transfer; and

  (d)   for a request to which subregulation   6.33D(4) applies--the trustee has received sufficient information, following the request, to reasonably enable the trustee to give effect to the rollover or transfer; and

  (e)   for a request to which subregulation   6.33E(3) applies, the trustee has received sufficient information, following the request, to reasonably enable the trustee to give effect to the rollover or transfer.

Note for paragraph   (a):   The request could come from the member, the receiving fund or the Commissioner of Taxation.

Trustee must rollover or transfer

  (2)   Subject to regulations   6.35 and 6.38, the trustee must roll over or transfer the amount in accordance with the request.

Note:   Standards made under subsection   34K(3) of the Act may set out how the amount is to be rolled over or transferred, and information that must accompany the rollover or transfer.

  (3)   The trustee must assign a payment reference number to the rollover or transfer, and include the payment reference number in the rollover or transfer.

  (4)   The payment reference number must be unique to:

  (a)   the rollover or transfer; or

  (b)   a number of rollovers or transfers made together on the same day by the transferring fund.

Note:   Standards made under subsection   34K(3) of the Act may set out how the payment reference number is to be determined.

  (5)   Before the trustee rolls over or transfers the amount, the trustee must, unless the trustee received the request from the receiving fund under regulation   6.33A or the Commissioner for Taxation under Part   6A, reasonably believe that the member:

  (a)   is aware that the member may ask the trustee for information that the member reasonably requires for the purpose of understanding any benefit entitlements that the member may have, including:

  (i)   information about any fees or charges that may apply to the proposed rollover or transfer; and

  (ii)   information about the effect of the proposed rollover or transfer on any benefit entitlements the member may have; and

  (b)   either:

  (i)   has obtained any information the member reasonably requires; or

  (ii)   does not require such information.

Note:   Under section   1017C of the Corporations Act 2001 , a trustee of a fund must, on request by a member of the fund, give the member the information and documents mentioned in subsections   1017C(3) and (5). See also regulations   7.9.02, 7.9.45, and 7.9.47 of the Corporations Regulations   2001 .