SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 7A.03A Application of Division 7A.1A

SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 7A.03A

  (1)   This Division applies in relation to a superannuation interest (the original interest ) in a regulated superannuation fund, if:

  (a)   the original interest is subject to a payment split; and

  (b)   an allocated pension, market linked pension or account - based pension is being paid in respect of the original interest; and

  (c)   the trustee:

  (i)   has not received a request under regulation   7A.05, 7A.06 or 7A.07; and

  (ii)   has not taken an action under regulation   7A.10 in relation to the original interest.

  (2)   Subject to subregulation   (3), this Division also applies in relation to a superannuation interest (the original interest ) in a regulated superannuation fund, if:

  (a)   the original interest is subject to a payment split; and

  (b)   the original interest is an accumulation interest in the growth phase; and

  (c)   the trustee:

  (i)   has not received a request under regulation   7A.05, 7A.06 or 7A.07; and

  (ii)   has not taken an action under regulation   7A.10 in relation to the original interest.

  (3)   This Division does not apply to an accumulation interest:

  (a)   if:

  (i)   the interest is a partially vested accumulation interest; and

  (ii)   the transferable benefits in relation to the accumulation interest would be greater than the withdrawal benefit in relation to the member spouse; or

  (b)   if the interest is determined by reference to a traditional life insurance policy.