(a) the member has given to the trustee the member’s consent to the transfer; or
(b) the trustee of the fund believes, on reasonable grounds, that:
(i) the trustee of the fund or the EPSSS; or
(ii) the RSA institution providing the RSA;
into which the benefits are to be transferred, has received, from the member, consent to the transfer; or
(ba) in the case of an eligible rollover fund—the trustee of the fund believes, on reasonable grounds, that:
(i) the member has a superannuation interest in the fund, an interest in the EPSSS, or an RSA interest in the RSA, into which the benefits are to be transferred; and
(ii) the trustee of the fund or EPSSS, or the RSA institution providing the RSA, has received at least one contribution or rollover in respect of the member within the 12 month period ending when the transfer is to be made; or
(c) the transfer is to a successor fund; or
(d) for section 29SAA, 29SAB, 387, 388 or 394 of the Act the trustee of the fund is required by a prudential standard made under section 34C of the Act to transfer the benefits.
(1A) Paragraph (1)(c) does not apply to a transfer to a successor fund that is an eligible rollover fund if the transfer takes place on or after the later of:
(a) 1 May 2021; and
(b) the seventh day after Schedule 1 to the Treasury Laws Amendment (Reuniting More Superannuation) Act 2021 commences.
(2) The fund to which the money is to be transferred must not be a registrable superannuation entity that:
(a) is a regulated superannuation fund or an approved deposit fund; and
(b) has not been registered under Part 2B of the Act.
Division 6.5—Compulsory rollover and transfer of superannuation benefits in regulated superannuation funds and approved deposit funds
6.30 Application
(1) This Division applies:
(a) to a regulated superannuation fund, other than a fund mentioned in paragraph (2)(a); and
(b) to an approved deposit fund.
(2) This Division does not apply:
(a) to an unfunded public sector superannuation scheme; and
(c) in respect of a defined benefit component of a superannuation interest in a defined benefit fund, if the member who holds the interest is an employee of an employer‑sponsor of the fund; and
(d) to benefits that are being paid as a pension (other than an account‑based pension, allocated pension or market linked pension).
6.31 Definitions for Division 6.5
Defined benefit component
(1) Subject to subregulation (2), a defined benefit component of a superannuation interest is a component of the interest in which the benefits are defined by reference to 1 or more of the following:
(a) the amount of:
(i) the member’s salary at the date of the termination of the member’s employment, the date of the member’s retirement, or another date; or
(ii) the member’s salary averaged over a period; or
(iii) salary, or allowance in the nature of salary, payable to another person (for example, a judicial officer, a member of the Commonwealth or a State Parliament, a member of the Legislative Assembly of a Territory);
(b) a specified amount;
(c) specified conversion factors.
(2) A component of a superannuation interest is not a defined benefit component if the only benefits defined by reference to any of the amounts or factors mentioned in subregulation (1) are benefits payable on death or disability.
Illiquid investment
(3) An investment is an illiquid investment in relation to a member’s interest in a superannuation fund if it is of a nature that produces either of the following outcomes:
(a) it cannot be converted to cash in less than the time required to rollover or transfer a withdrawal benefit under subregulation 6.34(3) or regulation 6.34A;
(b) converting it to cash within the time period specified in subregulation 6.34(3) or regulation 6.34A would be likely to have a significant adverse impact on the realisable value of the investment.
6.32 Superannuation data and payment matters
For subsection 34K(1) of the Act, regulations 6.33 to 6.38 prescribe matters to be complied with.
6.33 Request for rollover or transfer of withdrawal benefit
(1) A member of a regulated superannuation fund or approved deposit fund (the transferring fund) may request, in writing, that the whole or a part of the member’s withdrawal benefit in the transferring fund be rolled over or transferred to any of the following (the receiving fund):
(a) a regulated superannuation fund;
(b) an approved deposit fund;
(c) an RSA provider.
Note: A member may also request that his or her withdrawal benefit be rolled over or transferred to an EPSSS.
(2) The member:
(a) may make the request to the transferring fund or the receiving fund; and
(b) if the request is to rollover or transfer an amount that is the whole of the member’s withdrawal benefit—may use the approved form to make the request.
6.33A Action by receiving fund on receipt of request
(1) This regulation applies to the trustee of a fund (the receiving fund) if the receiving fund receives a written request from a member to roll over or transfer, to the receiving fund, the whole or part of the member’s:
(a) withdrawal benefit from a regulated superannuation fund or approved deposit fund; or
(b) withdrawal benefit in an RSA provided by an RSA provider.
(2) The trustee of the receiving fund must tell the regulated superannuation fund, approved deposit fund or RSA provider (the transferring fund) about the request and give the following details to the transferring fund:
(a) the member’s full name;
(b) the member’s date of birth;
(c) the member’s sex;
(d) the member’s residential address;
(e) the member’s membership number, or account number, with the transferring fund;
(f) the receiving fund’s name and ABN;
(g) the receiving fund’s unique superannuation identifier for the rollover or transfer;
(h) the transferring fund’s name and ABN;
(i) the transferring fund’s unique superannuation identifier or unique RSA identifier for the rollover or transfer.
(3) However, subsection (2) does not apply if the trustee does not have all of the details mentioned in subsection (2).
(4) The trustee must also tell the transferring fund:
(a) whether the request is to rollover or transfer the whole or a part of the member’s withdrawal benefit; and
(b) if the request is to rollover or transfer a part of the member’s withdrawal benefit—the amount to be rolled over or transferred.
(5) The trustee must also give the tax file number to the transferring fund, unless, before the rollover or transfer, the member gives the trustee a written statement requesting the trustee not to inform any RSA provider or any other trustee of the member’s tax file number.
Note: Standards made under subsection 34K(3) of the Act may set out how the information in subregulations (2) and (4) is to be given to the transferring fund (for example, electronically), and may set out additional information that must be given.
(6) Before the trustee gives the information to the transferring fund, the trustee must reasonably believe that the member:
(a) is aware that the member may ask the trustee of the transferring fund 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.
6.33B Transferring fund must electronically receive request
(1) This regulation applies to a regulated superannuation fund or approved deposit fund (the transferring fund) if a member of the fund makes a request for the whole or part of the member’s withdrawal benefit in the transferring fund to be rolled over or transferred to another regulated superannuation fund, approved deposit fund or RSA provider (the receiving fund).
(2) The transferring fund must be able to electronically receive information in relation to the rollover or transfer sent to the transferring fund:
(a) by the receiving fund, in accordance with regulation 6.33A and any applicable Standards made under subsection 34K(3) of the Act; or
(b) by the receiving fund in accordance with any applicable Standards made under subsection 45B(3) of the RSA Act; or
(c) by the member, in accordance with any Standards made under subsection 34K(3) of the Act or subsection 45B(3) of the RSA Act that apply in relation to requests for rollovers or transfers of withdrawal benefits; or
(d) by the Commissioner of Taxation under regulation 6A.03.
6.33C Trustee may request information if not provided
(1) Subregulation (2) applies if:
(a) a trustee of a regulated superannuation fund or approved deposit fund (the transferring fund) receives:
(i) a request to roll over or transfer a member’s withdrawal benefit to another regulated superannuation fund or approved deposit fund, an RSA provider or an EPSSS; or
(ii) the information mentioned in subregulation 6.33A(2) from a receiving fund; and
(b) the request is to rollover or transfer the whole of the member’s withdrawal benefit; and
(c) the trustee requires further information in order to process the request; and
(d) the further information is information in the approved form referred to in paragraph 6.33(2)(b).
Note: If a request does not include all of the information in the approved form (whether or not the request is made using the form) the trustee may still roll over or transfer the amount without asking for the rest of the information.
(2) The trustee must ask the member for the information not later than 5 business days after receiving the request.
(3) If:
(a) a trustee of a transferring fund receives:
(i) a request to roll over or transfer a member’s withdrawal benefit to another regulated superannuation fund or approved deposit fund, an RSA provider or an EPSSS; or
(ii) the information mentioned in subregulation 6.33A(2) from a receiving fund; and
(b) the request is to rollover or transfer part of the member’s withdrawal benefit; and
(c) the trustee requires further information that is necessary to process the request;
the trustee must ask the member for the information not later than 5 business days after receiving the request.
(4) If the trustee does not receive the information requested in subregulation (2) or (3) not later than 10 business days after making the request, the trustee must make reasonable further inquiries of the member to obtain the information.
6.33D Validation of member’s details by transferring fund
(1) Subregulation (2) applies to the trustee of a regulated superannuation fund or approved deposit fund (the transferring fund) if:
(a) the transferring fund receives:
(i) a request under regulation 6.33 to rollover or transfer the whole or a part of a member’s withdrawal benefit from the transferring fund to another regulated superannuation fund or approved deposit fund, or an RSA provider; or
(ii) a request to rollover or transfer the whole or a part of a member’s withdrawal benefit from the transferring fund to an EPSSS; and
(b) the request was not given to the trustee by the Commissioner of Taxation; and
(c) the transferring fund has the member’s tax file number.
(2) The trustee of the transferring fund must ask the Commissioner of Taxation, using an electronic interface provided by the Commissioner, for a notice under subsection 299TD(2) of the Act in relation to the member.
(3) However, subregulation (2) does not apply if the Commissioner has previously given the trustee a notice under subsection 299TD(2) of the Act stating that the Commissioner was able to validate the member’s information given by the trustee.
(4) The trustee may ask the member for any proof of identity information in the approved form referred to in paragraph 6.33(2)(b) that the trustee reasonably requires to process the request if:
(a) the Commissioner of Taxation gives the trustee a notice under subsection 299TD(2) of the Act stating that the Commissioner is not able to validate the information mentioned in subsection (2); or
(b) the trustee does not have the member’s tax file number.
(5) The trustee must ask for the proof of identity information under subregulation (4) not later than:
(a) for a trustee to whom paragraph (4)(a) applies—5 business days after receiving the Commissioner’s notice; and
(b) for a trustee to whom paragraph (4)(b) applies—5 business days after receiving the request to rollover or transfer the whole or a part of the member’s withdrawal benefit.
(6) If the trustee does not receive the information requested under subregulation (4) within 10 business days after making the request, the trustee must make reasonable further inquiries of the member to obtain the information.
6.33E Verification of self managed superannuation fund and member’s details
(1) This regulation applies to the trustee of a regulated superannuation fund or approved deposit fund (the transferring fund) if the transferring fund receives a request under regulation 6.33 to rollover or transfer the whole or a part of a member’s withdrawal benefit from the transferring fund to a self managed superannuation fund (the receiving fund).
(2) The trustee of the transferring fund must:
(a) use an electronic service provided by the Australian government to verify:
(i) the ABN and name of the receiving fund; and
(ii) that the receiving fund is a regulated superannuation fund; and
(iii) at least one unique superannuation identifier (within the meaning of Part 3B) for the receiving fund; and
(iv) for each unique superannuation identifier—one set of bank details that is sufficient to enable an electronic payment to be made; and
(v) for each unique superannuation identifier—either one internet protocol address, or one other kind of digital address approved by the Commissioner for the receipt of electronic communications; and
(b) use an electronic service provided by the Commissioner of Taxation to validate that the member is a member of the receiving fund.
(3) If the trustee is unable to verify the information mentioned in paragraph (2)(a) or is unable to validate the information mentioned in paragraph (2)(b), using the electronic service, the trustee must ask the Commissioner of Taxation to verify or validate the information.
(4) The trustee must make the request under subregulation (3) not later than 5 business days after the trustee has been unable to verify or validate the information under subsection (2).
(5) If the Commissioner of Taxation is unable to verify or validate the information, the trustee must, within 10 days of being advised of that by the Commissioner, tell the member of the outcome of the Commissioner’s enquiries.
6.34 Rollover or transfer of withdrawal benefit
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: