(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.
6.34A Timeframes for rollovers and transfers
(1) This regulation applies if a trustee of a transferring fund is required to rollover or transfer an amount to a receiving fund under regulation 6.34.
Timeframe—standard
(2) Subject to subregulations (3) to (6), a trustee required to roll over or transfer an amount under subregulation 6.34(2) must do so as soon as practicable, but in any case not later than 3 business days after:
(a) the trustee received the rollover or transfer request; or
(b) if the trustee seeks further information under regulation 6.33C or subregulation 6.33D(4) or 6.33E(3)—the date the trustee receives the information; or
(c) if there is a suspension or variation under regulation 6.36 or 6.37—the end of the period of the suspension or variation.
Timeframe—non‑standard
(3) If the receiving fund is unable to receive the rollover or transfer in accordance with any applicable Standards made under subsection 34K(3) of the Act or subsection 45B(3) of the RSA Act, the trustee is required, subject to subregulations (4) to (6), to rollover or transfer the amount as soon as practicable, but in any case not later than 30 days after:
(a) the trustee received the rollover or transfer request; or
(b) if the trustee seeks further information under regulation 6.33C or subregulation 6.33D(4) or 6.33E(3)—the date the trustee receives the information; or
(c) if there is a suspension or variation under regulation 6.36 or 6.37—the end of the period of the suspension or variation.
(4) If a member makes an investment choice between 1 July 2007 and 30 June 2013 under regulation 4.02, or after 1 July 2013 under regulation 4.02A or 4.02AA:
(a) the trustee is not required to rollover or transfer the amount within the period mentioned in subregulation (2) if:
(i) the trustee takes steps to redeem the investment as soon as practicable but in any case not later than 3 business days; and
(ii) the rollover or transfer is made as soon as practicable, and in any event not later than 3 business days, after the trustee receives the proceeds of the redemption; but
(b) the trustee must rollover or transfer the amount as soon as practicable and in any case not later than 30 days after:
(i) the trustee received the request; or
(ii) if the trustee seeks further information under regulation 6.33C, or subregulation 6.33D(4) or 6.33E(3)—the time the trustee receives the information; or
(iii) if there is a suspension or variation under regulation 6.36 or 6.37—the end of the period of the suspension or variation.
Timeframe—illiquid investments
(5) For an investment made before 1 July 2007, the trustee is not required to rollover or transfer the amount within the period mentioned in subregulation (2), (3) or (4) if:
(a) any part of the member’s interest was an illiquid investment immediately before 1 July 2007; and
(b) the trustee informed the member, before 1 July 2008, of the nature of the illiquid investment, the impact of the investment on the portability of the member’s interest, and the period within which the investment can be rolled over to another fund.
(6) If a member makes an investment choice between 1 July 2007 and 30 June 2013 under regulation 4.02, or after 1 July 2013 under regulation 4.02A or 4.02AA, the trustee is not required to rollover or transfer the amount within the period mentioned in subregulation (2), (3) or (4) if:
(a) for an investment choice made before 1 July 2013 where the investment strategy chosen is an illiquid investment—the trustee, before the member made the investment choice:
(i) informed the member of the effect of subregulation 6.34(5) of these Regulations as in force immediately before 1 July 2013, and of the maximum period in which a transfer was required to be effected under that subregulation; and
(ii) informed the member of the reasons why the investment is illiquid; and
(iii) obtained written consent that the member understands and accepts that a period longer than 30 days is required (in respect of the whole or part of the requested transfer amount) because of the illiquid nature of the investment; or
(b) for an investment choice made on or after 1 July 2013, where the investment strategy chosen is an illiquid investment—the trustee has, before the member made the investment choice:
(i) informed the member of the effect of paragraph 6.34A(4)(b) and of the maximum period in which a transfer is required to be effected under that paragraph; and
(ii) informed the member of the reasons why the investment is illiquid; and
(iii) obtained written consent that the member understands and accepts that a period longer than 30 days is required (in respect of the whole or part of the requested transfer amount) because of the illiquid nature of the investment.
Note: The trustee may effect a rollover or transfer in more than 1 transaction to ensure that only the illiquid investment is rolled over or transferred outside the 3 day period.
6.34B Member details for rollover or transfer
(1) A trustee of a transferring fund who rolls over or transfers the whole or part of a member’s withdrawal benefit under regulation 6.34 to a regulated superannuation fund, approved deposit fund or RSA provider (the receiving fund) must give the following information to the receiving fund in relation to the rollover or transfer:
(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 payment reference number included with the rollover or transfer.
Note: See section 299M of the Act for requirements relating to the provision of the member’s tax file number.
(2) However, the trustee is not required to give the information to the receiving fund if the member has not given the information to the transferring fund.
(3) The trustee must give the information to the receiving fund on the same day as the trustee makes the rollover or transfer.
Note: Standards made under subsection 34K(3) of the Act may set out how the information in subregulation (1) is to be given to the receiving fund (for example, electronically), and may require additional information to be given.
6.34C Receiving fund must electronically receive information and payment
(1) This regulation applies to a regulated superannuation fund or approved deposit fund (the receiving fund) if:
(a) another regulated superannuation fund or approved deposit fund, or an RSA provider (the transferring fund) gives to the receiving fund in relation to a rollover or transfer:
(i) the information mentioned in subregulation 6.34B(1); and
(ii) a payment of the whole or a part of a member’s withdrawal benefit being rolled over or transferred to the receiving fund; and
(b) the information is given, and the payment made, in accordance with the applicable Standards (if any) made under subsection 34K(3) of the Act or subsection 45B(3) of the RSA Act.
(2) The receiving fund must be able to receive the information and payment electronically.
Note: Standards made under subsection 34K(3) may set out additional requirements for how the fund is to receive the information and payment.
6.34D Receiving fund must allocate amount to member
(1) This regulation applies to the trustee of a regulated superannuation fund or approved deposit fund (the receiving fund) if:
(a) the receiving fund receives a rollover or transfer of an amount that is the whole or a part of a member’s withdrawal benefit from:
(i) a regulated superannuation fund or approved deposit fund; or
(ii) an RSA provider; or
(iii) the Commissioner of Taxation; and
(b) for a rollover or transfer received from a regulated superannuation fund or approved deposit fund (the transferring fund):
(i) the transferring fund made the rollover or transfer in accordance with any applicable Standards specified under subsection 34K(3) of the Act; and
(ii) the information required by subregulation 6.34B(1), and any applicable Standards specified under subsection 34K(3) of the Act, was sent in relation to the rollover or transfer; and
(iii) the information was sent in the way required by any applicable Standards made under subsection 34K(3) of the Act; and
(c) for a rollover or transfer received from the Commissioner of Taxation—the Commissioner made the rollover or transfer in accordance with any applicable Standards specified under subsection 34K(3) of the Act that would apply if the rollover or transfer were being made by a regulated superannuation fund or approved deposit fund; and
(d) for a rollover or transfer received from an RSA provider:
(i) the RSA provider made the rollover or transfer in accordance with any applicable Standards specified under subsection 45B(3) of the RSA Act; and
(ii) the information required by subregulation 4.35L(1) of the RSA Regulations and any applicable Standards made under subsection 45B(3) of the RSA Act, was sent in relation to the rollover or transfer; and
(iii) the information was sent in the way required by any applicable Standards made under subsection 45B(3) of the RSA Act.
(2) If the receiving fund accepts the rollover or transfer, and receives it in accordance with any applicable Standards made under subsection 34K(3) of the Act, the receiving fund must allocate the amount transferred or rolled over to the member’s account as soon as possible, but in any case not later than 3 business days after the receiving fund has received:
(a) the rollover or transfer of the amount; and
(b) either:
(i) the information mentioned in subparagraph (1)(b)(ii), sent in accordance with any applicable Standards made under subsection 34K(3) of the Act; or
(ii) the information mentioned in subparagraph (1)(d)(ii), sent in accordance with any applicable Standards made under subsection 45B(3) of the RSA Act.
6.35 When a trustee may refuse to roll over or transfer an amount
(1) A trustee may refuse to roll over or transfer an amount under regulation 6.34 if:
(a) the fund or RSA to which the member has requested the amount be rolled over or transferred will not accept the amount; or
(b) the amount to be rolled over or transferred is part only of the member’s interest in the fund, and the effect of rolling over or transferring the amount would be that the member’s interest in the fund from which the amount is to be rolled over or transferred would be less than $6,000; or
(c) the trustee has, under regulation 6.34, rolled over or transferred an amount of the member’s interest within 12 months before the request is received; or
(d) the amount to be rolled over or transferred is a superannuation death benefit (within the meaning of the 1997 Tax Act) in the form of a pension and the roll over or transfer would be inconsistent with the governing rules of the fund applying in respect of the benefit.
(2) If a trustee refuses to roll over or transfer an amount under subregulation (1), the trustee must tell the member of the refusal in writing.
6.36 Suspension or variation of obligation to roll over or transfer amounts by APRA
(1) This regulation applies if APRA believes, on reasonable grounds, that a rollover or transfer of an amount by the trustee of a regulated superannuation fund or approved deposit fund under regulation 6.34 would have a significant adverse effect on:
(a) the financial position of the fund; or
(b) the interests of other members of the fund.
(2) APRA may, by notice in writing to the trustee, suspend or vary an obligation of the trustee under regulation 6.34.
(3) A suspension or variation under subregulation (2) applies for the period specified by APRA in the notice.
6.37 Suspension or variation of obligation to roll over or transfer amounts by APRA—application by trustee
(1) This regulation applies if the trustee of a regulated superannuation fund or approved deposit fund applies to APRA for a suspension or variation of the trustee’s obligation to roll over or transfer amounts under regulation 6.34.
(2) The application must contain information about the fund’s financial position and the effect of any rollovers or transfers of amounts under regulation 6.34 on:
(a) the financial position of the fund; or
(b) the interests of other members of the fund.
(3) APRA may ask the trustee to provide further information in relation to the application within the period specified by APRA.
(4) If the trustee does not provide the further information within the specified period, APRA may treat the application as if it had been withdrawn by the trustee.
(5) APRA must consider the application and notify the trustee of its decision in writing, within 30 days after the later of:
(a) the day APRA receives the application; and
(b) the day APRA receives the further information.
(6) If APRA believes, on reasonable grounds, that a rollover or transfer of an amount under regulation 6.34 would have a significant adverse effect on:
(a) the financial position of the fund; or
(b) the interests of other members of the fund;
APRA may, by notice in writing to the trustee, suspend or vary an obligation of the trustee under regulation 6.34.
(7) A suspension or variation under subregulation (6) applies for the period specified by APRA in the notice.
6.38 Trustee’s obligations if APRA suspends or varies obligation to roll over or transfer amounts
(1) If, under regulation 6.36 or 6.37, APRA suspends a trustee’s obligation to roll over or transfer amounts under regulation 6.34, the trustee must not roll over or transfer an amount under regulation 6.34 for the period of the suspension.
(2) If, under regulation 6.36 or 6.37, APRA varies a trustee’s obligation to roll over or transfer amounts under regulation 6.34, the trustee may roll over or transfer an amount under regulation 6.34 only in accordance with the variation.
Division 6.6—Additional standards for eligible rollover funds
6.39 Obligations of trustees
The trustee of an eligible rollover fund must comply, as soon as practicable, with a request by a member:
(a) to pay a benefit of the member in the fund; or
allocated surplus contribution amount means an amount that is allocated from a regulated superannuation fund surplus, by a trustee, to meet an employer’s liability to make contributions.
applicant means a member who makes an application under subregulation 6.44(1).
concessional contributions has the meaning given by subsection 995‑1(1) of the 1997 Tax Act.
concessional contributions cap has the meaning given by subsection 995‑1(1) of the 1997 Tax Act.
contributions segment has the meaning given by subsection 995‑1(1) of the 1997 Tax Act.
contributions‑splitting superannuation benefit means a payment made in accordance with subregulation 6.45(2).
crystallised segment has the meaning given by subsection 995‑1(1) of the 1997 Tax Act.
defined benefit component has the meaning given by regulation 6.31.
directed termination payment has the meaning given by section 82‑10F of the Income Tax (Transitional Provisions) Act 1997.
element taxed in the fund has the meaning given by subsection 995‑1(1) of the 1997 Tax Act.
element untaxed in the fund has the meaning given by subsection 995‑1(1) of the 1997 Tax Act.
foreign superannuation fund has the meaning given by subsection 995‑1(1) of the 1997 Tax Act.
maximum splittable amount, in relation to a financial year, means:
(a) for taxed splittable contributions—the lesser of:
(i) 85% of the concessional contributions for that financial year; and
(ii) the concessional contributions cap for that financial year; and
(b) for untaxed splittable contributions—100% of the amount of the untaxed splittable contributions made in the financial year; and
(c) for untaxed splittable employer contributions—100% of the concessional contributions cap for that financial year.
preservation age has the meaning given by regulation 6.01.
relevant financial year, in relation to an application made under:
(a) paragraph 6.44(1)(a), means the last financial year that ended before the date of the application; or
(b) paragraph 6.44(1)(b), means the financial year in which the application is made.
splittable contribution has the meaning given by regulation 6.42.
superannuation benefit has the meaning given by subsection 995‑1(1) of the 1997 Tax Act.
superannuation interest has the meaning given by subsection 995‑1(1) of the 1997 Tax Act.
superannuation lump sum has the meaning given by subsection 995‑1(1) of the 1997 Tax Act.
taxable component has the meaning given by subsection 995‑1(1) of the 1997 Tax Act.
taxed splittable contribution has the meaning given by regulation 6.41.
untaxed splittable contribution has the meaning given by regulation 6.41.
untaxed splittable employer contribution has the meaning given by regulation 6.41.
6.41 Meaning of taxed splittable contribution, untaxed splittable contribution and untaxed splittable employer contribution
(1) Subject to subregulation (2), a taxed splittable contribution is: