Commonwealth Numbered Regulations

1995 No. 159 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS (AMENDMENT) - REG 16

16.1 After subregulation 2.36, insert in Division 2.5: Specific
requirements-benefit to be paid to eligible rollover fund

"2.36A. (1) If the benefits of a member of a fund ('the transferor fund') will
be paid to an eligible rollover fund unless he or she chooses, within a
specified period, another entity to which those benefits will be paid, the
trustee of the transferor fund must give information to the member relating to
the payment to the eligible rollover fund that will assist the member to
decide between having the benefits paid to that other entity or the eligible
rollover fund, and in particular must give to the member so much of the
information described in subregulation (2) as is relevant to the
circumstances.

"(2) The information is:

   (a)  an explanation why the trustee intends to pay the member's benefits to
        the eligible rollover fund if the member does not make the choice
        within the period; and

   (b)  a statement of the effect of the payment of benefits to the eligible
        rollover fund; and

   (c)  the contact details of the eligible rollover fund; and

   (d)  the amount, or, subject to subregulation (3), the approximate amount,
        of the member's benefits that will be paid from the transferor fund;
        and

   (e)  a statement to the effect that if the member chooses an entity that
        refuses to accept the payment of the member's benefit, or the member
        makes no choice within the specified period, the trustee will pay the
        member's benefits to the eligible rollover fund.

"(3) A fund may inform a member under paragraph (2) (d) of the approximate
amount of the member's benefits if, at the time the information is to be
given, the trustee of the fund cannot determine the exact amount of the
member's benefits that will be paid from the fund.

"(4) This regulation does not require the trustee of the transferor fund to
provide information about entities other than the eligible rollover fund.".