Modification of Act: Product Disclosure Statement in relation to superannuation interest under Family Law Act
7.9.87 Modification of Act: Product Disclosure Statement in relation to superannuation interest under Family Law Act
Subject to subregulation (4), for paragraph 1020G(1)(c) of the Act, paragraph 1012F(b) of the Act is modified in its application in relation to:
a superannuation interest; and
the non‑member spouse who acquires the superannuation interest;
in accordance with subregulation (2).
Paragraph 1012F(b) is taken to require a regulated person to give the non‑member spouse a Product Disclosure Statement when the regulated person gives a payment split notice to the non‑member spouse.
If paragraph 1012F(b), as modified in accordance with subregulation (2), applies in relation to a superannuation interest, regulation 7.9.04 does not apply in relation to the interest and the non‑member spouse.
For paragraph 1020G(1)(a) of the Act, if the governing rules of a superannuation entity do not provide for a non‑member spouse to become a member of a superannuation fund in relation to the superannuation entity, section 1012B is modified by adding, after subsection 1012B(1):
‘(1A) This section does not apply in relation to:
a superannuation interest; and
the non‑member spouse who acquires the superannuation interest;
if the governing rules of a superannuation entity do not provide for a non‑member spouse to become a member of a superannuation fund in relation to the superannuation entity.’.
This Act’s bill:Explanatory statement
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