Information about certain accumulation interests (Act s 90MZB)
(1) This regulation applies in relation to a superannuation interest of a member of an eligible superannuation plan if:
(a) the interest is an accumulation interest or a component of the interest is an accumulation interest; and
(b) the interest is not a percentage-only interest or an interest in a self managed superannuation fund; and
(c) regulation 68A does not apply in relation to the interest.
(2) For subsection 90MZB(3) of the Act and subject to subregulations (6), (6A) and (6B), the information about the accumulation interest that must be provided to an applicant by the trustee of the plan is as follows:
(aa) if the interest is an unsplittable interest, a statement to that effect;
(a) a statement indicating whether the interest is subject to a payment split or payment flag and, if the interest is subject to a payment split (other than under a superannuation agreement, flag lifting agreement or splitting order in relation to which the non-member spouse's entitlement has been satisfied as required by Division 2.2), the information mentioned in subregulation (5);
(b) the date of commencement of the member's service period, within the meaning of subsection 995-1(1) of the Income Tax Assessment Act 1997 ;
(c) the date when the member first became a member of the plan;
(d) if the interest was in the payment phase at the appropriate date--the payment phase information in relation to the interest mentioned in subregulation (3);
(e) if the interest was in the growth phase at the appropriate date:
(i) in the case of an accumulation interest other than a partially vested accumulation interest-the growth phase information in relation to the interest mentioned in subregulation (4); and
(ii) in the case of a partially vested accumulation interest--the growth phase information in relation to the interest mentioned in subregulation (4A);
(ea) if the application for information specifically requests the trustee to provide information about the withdrawal benefit in relation to the member--the withdrawal benefit in relation to the member at the date when the information is provided;
Note: If an application for information specifically requests the information mentioned in paragraph (ea) to be provided, the trustee is required to provide only the information mentioned in that paragraph to the applicant, and is not required to provide any other information to the applicant under this regulation--see paragraph (6)(a).
(f) details of any fees that may be charged by the trustee under paragraph 59(1)(a), (b), (c), (d) or (f).
(3) For paragraph (2)(d), the payment phase information in relation to the superannuation interest is:
(a) if the member is receiving ongoing pension payments in respect of an allocated pension--the withdrawal benefit in relation to the member at the appropriate date; and
(aa) if the member is receiving ongoing pension payments in respect of a market linked pension--the market linked pension account balance at the appropriate date; and
(b) if the member is receiving ongoing pension payments in respect of a pension other than an allocated pension or a market linked pension:
(i) the amount of annual pension benefit payable to the member at the appropriate date; and
(ii) a statement indicating whether the pension benefit is a lifetime pension or a fixed-term pension; and
(iii) if the pension is a fixed-term pension:
(A) the date when the pension payments commenced; and
(B) the length of the term; and
(iv) a statement indicating whether the pension benefit is indexed and, if so, the method of indexation; and
(v) a statement indicating whether there is any reversionary beneficiary who is a non-member spouse in relation to the pension benefit and, if so, the proportion of the ongoing pension payments that would be payable to the reversionary beneficiary on the death of the member; and
Note for paragraphs (a) and (b): The trustee is not required to provide the information mentioned in paragraph (a) or subparagraph (b)(i) unless a record of it is in the trustee's possession, power or control--see paragraph (6)(b).
(c) if a lump sum is payable to the member in respect of the interest at the date when the information is provided or at any later date, and the amount of the lump sum is known--the amount of the lump sum; and
(d) if a lump sum (a future lump sum) is payable to the member in respect of the interest at a date after the date when the information is provided, and the amount of the lump sum is not known:
(i) the amount of the lump sum that would have been paid at the date when the information is provided if a lump sum were payable at that date (the nominal lump sum); and
(ii) the method that is to be used to index the nominal lump sum to determine the amount of the future lump sum; and
(e) if a lump sum payment that would have been a superannuation lump sum, within the meaning of subsection 995-1(1) of the Income Tax Assessment Act 1997 had been made in respect of the interest at the date when the information is provided:
(i) the amount of the payment; and
(ii) the value that the components of the superannuation lump sum would have had under Subdivision 307-C of that Act would have had; and
(f) a statement:
(i) indicating whether the Minister has approved, under regulation 43A, a method or factors for determining the gross value of the interest; and
(ii) giving details of any method or factors so approved; and
(g) if the application for information specifically requests the trustee to provide it and the trustee chooses to do so--the gross value of the interest at the appropriate date, determined in accordance with:
(i) whichever of the methods in regulation 41, 42 or 43 applies to the interest; or
(ii) a method or factors approved by the Minister under regulation 43A.
(4) For subparagraph (2)(e)(i), the growth phase information in relation to the superannuation interest (being an accumulation interest other than a partially vested accumulation interest) is as follows:
(aa) the value of the benefits (before any taxes or other charges have been deducted) that would have been payable in respect of the interest at the appropriate date if the member spouse had voluntarily ceased to be a member of the plan at that date;
Note: The trustee is not required to provide this information unless a record of it is in the trustee's possession, power or control--see paragraph (6)(c).
(a) if 2 or more member information statements in relation to the interest have been provided to the member, and the appropriate date is between the valuation date stated in one statement (the earlier statement) and the valuation date stated in the next statement (the next statement):
(i) the value of the interest, as stated in the earlier statement; and
(ii) the value of the interest, as stated in the next statement; and
(iii) the amount, and the date, of any rollover or transfer by the member, or partial payment to the member, in the period beginning on the day after the valuation date stated in the earlier statement and ending at the end of the valuation date stated in the next statement;
(b) if at least one member information statement in relation to the interest has been provided to the member, and the appropriate date is before the valuation date stated in the first member information statement provided to the member (the first statement):
(i) the value of the interest, as stated in the first statement; and
(ii) the value of the interest at the date when the interest was acquired; and
(iii) the amount, and the date, of any rollover or transfer by the member, or partial payment to the member, in the period beginning on the date when the interest was acquired and ending at the end of the valuation date stated in the first statement;
(c) if at least one member information statement in relation to the interest has been provided to the member, and the appropriate date is after the valuation date stated in the most recent statement:
(i) the value of the interest, as stated in the most recent statement; and
(ii) the value of the interest at the date when the information is provided; and
(iii) the amount, and the date, of any rollover or transfer by the member, or partial payment to the member, in the period beginning on the day after the valuation date stated in the most recent statement and ending at the end of the day when the information is provided;
(ca) if no member information statement in relation to the interest has been provided to the member:
(i) the value of the interest at the date when the interest was acquired; and
(ii) the value of the interest at the date when the information is provided; and
(iii) the amount, and the date, of any rollover or transfer by the member, or any partial payment to the member, in the period beginning on the day after the date when the interest was acquired and ending at the end of the day when the information is provided;
Note for paragraphs (a), (b), (c) and (ca): The trustee is required to provide the information mentioned in these paragraphs in certain circumstances only--see paragraph (6)(d).
(d) if the interest is in a regulated superannuation fund or an RSA:
(i) the amount of restricted non-preserved benefits that had accrued to the member, and would be payable to the member, if he or she were to resign from his or her employment on the date when the information is provided; and
(ii) the amount (if any) of the member's unrestricted non-preserved benefits;
(e) if the interest is in an approved deposit fund--the amount, at the date when the information is provided, of the member's unrestricted non-preserved benefits;
(f) if:
(i) a payment that would have been a superannuation lump sum, within the meaning of subsection 995-1(1) of the Income Tax Assessment Act 1997 had been made in respect of the interest at the date when the information is provided; and
(ii) the amount of the payment had been the amount payable to the member if he or she had voluntarily ceased to be a member of the plan-- the value that the components of the superannuation lump sum would have had under Subdivision 307-C of that Act would have had;
(g) if the trustee has given information under Division 2.5 of the SIS Regulations to each member of the plan that the plan is to be reconstructed or terminated--a statement to this effect.
(4A) For subparagraph (2)(e)(ii), the growth phase information in relation to the superannuation interest (being a partially vested accumulation interest) is as follows:
(a) the value of the benefits (before any taxes or other charges have been deducted) that would have been payable in respect of the interest at the appropriate date if the member spouse had voluntarily ceased to be a member of the plan at that date;
(aaa) a statement:
(i) indicating whether the Minister has approved, under regulation 38, a method or factors for determining the gross value of the interest; and
(ii) giving details of any method or factors so approved; and
(aa) if the application for information specifically requests the trustee to provide it and the trustee chooses to do so--the gross value of the interest at the appropriate date, determined in accordance with Schedule 3 or in accordance with a method or factors approved by the Minister under regulation 38.
Note: The trustee is not required to provide this information unless a record of it is in the trustee's possession, power or control--see paragraph (6)(c).
(b) if 2 or more member information statements in relation to the interest have been provided to the member, and the appropriate date is between the valuation date stated in one statement (the earlier statement) and the valuation date stated in the next statement (the next statement):
(i) the value of the actual vested benefit in respect of the interest, as stated in the earlier statement; and
(ii) if stated in the earlier statement, the total member credit at the valuation date stated in that statement; and
(iii) the value of the actual vested benefit in respect of the interest, as stated in the next statement; and
(iv) if stated in the next statement, the total member credit at the valuation date stated in that statement; and
(v) the amount, and the date, of any rollover or transfer by the member, or partial payment to the member, in the period beginning on the day after the valuation date stated in the earlier statement and ending at the end of the valuation date stated in the next statement;
(c) if at least one member information statement in relation to the interest has been provided to the member, and the appropriate date is before the valuation date stated in the first member information statement provided to the member (the first statement):
(i) the value of the actual vested benefit in respect of the interest, as stated in the first statement; and
(ii) if stated in the first statement, the total member credit at the valuation date stated in that statement; and
(iii) the value of the actual vested benefit in respect of the interest at the date when the interest was acquired; and
(iv) the total member credit at the date when the interest was acquired; and
(v) the amount, and the date, of any rollover or transfer by the member, or partial payment to the member, in the period beginning on the date when the interest was acquired and ending at the end of the valuation date stated in the first statement;
(d) if at least one member information statement in relation to the interest has been provided to the member, and the appropriate date is after the valuation date stated in the most recent statement:
(i) the value of the actual vested benefit in respect of the interest, as stated in the most recent statement; and
(ii) if stated in the most recent statement, the total member credit at the valuation date stated in that statement; and
(iii) the value of the actual vested benefit in respect of the interest at the date when the information is provided; and
(iv) the total member credit at the date when the information is provided; and
(v) the amount, and the date, of any rollover or transfer by the member, or partial payment to the member, in the period beginning on the day after the valuation date stated in the most recent statement and ending at the end of the day when the information is provided;
(e) if no member information statement in relation to the interest has been provided to the member:
(i) the value of the actual vested benefit in respect of the interest at the date when the interest was acquired; and
(ii) the total member credit at the date when the interest was acquired; and
(iii) the value of the actual vested benefit in respect of the interest at the date when the information is provided; and
(iv) the total member credit at the date when the information is provided; and
(v) the amount, and the date, of any rollover or transfer by the member, or any partial payment to the member, in the period beginning on the day after the date when the interest was acquired and ending at the end of the day when the information is provided;
Note for paragraphs (b), (c), (d) and (e): The trustee is required to provide the information mentioned in these paragraphs in certain circumstances only--see paragraph (6)(d).
(f) the vesting term that applies to the interest;
(g) the date when the vesting term commenced;
(h) a statement indicating whether the Minister has approved, under regulation 38, a method or factors for determining the gross value of the interest and giving details of any method or factors so approved;
(i) if a member information statement in relation to the interest that has been provided to the member does not include the total member credit at the valuation date stated in the statement--that information;
(j) if the interest is in a regulated superannuation fund or an RSA:
(i) the amount of restricted non-preserved benefits that had accrued to the member, and would be payable to the member, if he or she were to resign from his or her employment on the date when the information is provided; and
(ii) the amount (if any) of the member's unrestricted non-preserved benefits;
(k) if the interest is in an approved deposit fund--the amount, at the date when the information is provided, of the member's unrestricted non-preserved benefits;
(l) if:
(i) a payment that would have been a superannuation lump sum, within the meaning of subsection 995-1(1) of the Income Tax Assessment Act 1997 had been made in respect of the interest at the date when the information is provided; and
(ii) the amount of the payment had been the amount payable to the member if he or she had voluntarily ceased to be a member of the plan-- the value that the components of the superannuation lump sum would have had under Subdivision 307-C of that Act would have had;
(m) if the trustee has given information under Division 2.5 of the SIS Regulations to each member of the plan that the plan is to be reconstructed or terminated--a statement to this effect.
(5) For paragraph (2)(a), the information that must be provided in relation to each payment split to which the superannuation interest is subject (other than under a superannuation agreement, flag lifting agreement or splitting order in relation to which the non-member spouse's entitlement has been satisfied as required by Division 2.2) is as follows:
(a) the operative time for the payment split;
(b) if the payment split is under subparagraph 90MJ(1)(c)(i) or (ii) of the Act, or under a splitting order made under paragraph 90MT(1)(a) of the Act, and the interest was in the payment phase at the appropriate date--the amount that, under subregulation 58(6) or 58D(3), a person is entitled to be paid from each splittable payment that becomes payable in respect of the interest;
(c) if the payment split is under subparagraph 90MJ(1)(c)(i) of the Act, or under a splitting order made under paragraph 90MT(1)(a) of the Act, and the interest was in the growth phase at the appropriate date:
(i) the base amount specified in the relevant superannuation agreement or flag lifting agreement in relation to the interest; and
(ii) if applicable, the adjusted base amount at the appropriate date;
(d) if the payment split is under subparagraph 90MJ(1)(c)(ii) of the Act and the interest was in the growth phase at the appropriate date:
(i) the amount set out in the document served on the trustee under paragraph 90MI(b) of the Act; and
(ii) if applicable, the adjusted base amount at the appropriate date;
(e) if the payment split is under subparagraph 90MJ(1)(c)(iii) of the Act or under a splitting order made under paragraph 90MT(1)(b) of the Act--the specified percentage that is to apply to any splittable payment that becomes payable in respect of the interest.
(6) The trustee is not required to provide information mentioned in this regulation to an applicant in any of the following circumstances:
(a) if the application for information specifically requests the trustee to provide the information mentioned in paragraph (2)(ea) to the applicant, the trustee is not required to provide any other information mentioned in this regulation to the applicant;
(b) the trustee is not required to provide the information mentioned in paragraph (3)(a) or subparagraph (3)(b)(i) to the applicant unless a record of that information is in the trustee's possession, power or control;
(c) the trustee is not required to provide the information mentioned in paragraph (4)(aa) or paragraph (4A)(a), as the case requires, to the applicant unless a record of that information is in the trustee's possession, power or control;
(d) the trustee is not required to provide the information mentioned in paragraph (4)(a), (b), (c) or (ca) or paragraph (4A)(b), (c), (d) or (e), as the case requires, to the applicant unless:
(i) the application for information specifically requests the trustee to provide this information; and
(ii) a record of the information is in the trustee's possession, power or control; and
(iii) a record of the information mentioned in paragraph (4)(aa) or paragraph (4A)(a), as the case requires, is not in the trustee's possession, power or control.
(6A) If:
(a) the superannuation interest, or a component of the superannuation interest, is a partially vested accumulation interest; and
(b) under regulation 38, the Minister has approved a method or factors to be used to determine the gross value of the superannuation interest or the component of the interest;
the Minister may, by written determination, provide either or both of the following:
(c) that the trustee is not required to provide the information about the interest, or the component of the interest, mentioned in one or more paragraphs of subregulation (4A);
(d) that the trustee must provide other information, as specified in the determination, about the interest or the component of the interest.
(6B) If, under regulation 43A, the Minister has approved a method or factors to be used to determine the gross value of the superannuation interest, the Minister may, by written determination, provide either or both of the following:
(a) that the trustee is not required to provide the information about the interest mentioned in one or more paragraphs of subregulations (2) and (3);
(b) that the trustee must provide other information, as specified in the determination, about the interest.
(6C) A determination by the Minister under subregulation (6A) or (6B) is a legislative instrument.
(7) For this regulation, a reference to the value of the interest stated in a statement:
(a) is a reference to the value stated in the statement, however that value is described (for example, the member's account balance, share in the plan, withdrawal benefit); and
(b) if 2 or more values are stated in the statement, is taken to be a reference to the value of the benefits (before any taxes or other charges have been deducted) that would have been payable in respect of the interest if the member spouse had voluntarily ceased to be a member of the plan at the date at which the value is stated.
(8) In this regulation:
"total member credit", in relation to a superannuation interest of a member and a date, means the total amount that would be standing to the credit of the member in respect of the interest if the benefit in respect of the interest were fully vested at that date.
"valuation date", in relation to a superannuation interest to which a member information statement applies, means the date as at which the value of the interest, or the total member credit, is stated in the statement.