New South Wales Repealed Regulations

This legislation has been repealed.

SUPERANNUATION REGULATION 2006 - REG 8C

8C Notice to contributor and non-contributor spouse when entitlement becomes payable

(1) If a superannuation interest of a contributor becomes subject to a payment split, STC must notify the contributor and the non-contributor spouse in relation to the interest, in writing, that the interest is subject to a payment split.

(2) The notice must be given:

(a) in the case of a payment split under a superannuation agreement or flag lifting agreement--within 28 days after the operative time for the payment split, or

(b) in the case of a payment split under a splitting order--within 28 days after the operative time for the payment split or after STC receives a copy of the order (whichever is the later).

(3) The notice given to the contributor must:

(a) specify the estimated amount of the entitlement of the non-contributor spouse and how it was calculated, and

(b) specify the period within which payment of that entitlement is to be made, and

(c) specify the estimated effect of the payment on the entitlement of the contributor under the State Superannuation Scheme.

(4) The notice given to the non-contributor spouse must:

(a) specify the estimated amount of the entitlement of the non-contributor spouse and how it was calculated, and

(b) specify the circumstances in which the amount may be paid or released to the non-contributor spouse or must be transferred or rolled over to a complying superannuation fund or an RSA, and

(c) require the non-contributor spouse to nominate, within 28 days, whether the non-contributor spouse meets a circumstance for payment or release or, if not, to nominate a complying superannuation fund or an RSA to which the amount is to be paid, and

(d) specify that the amount will be credited to the First State Superannuation Fund if the nomination is not made within that period.

(5) For the purposes of section 61WB (5) (b) of the Act, the prescribed period within which a nomination must be made by a non-contributor spouse is 28 days after the giving of the notice under this clause.

(6) STC is not required to give the notice if the superannuation interest ceases to be subject to a payment split within the notice period.