Operating standard—acceptance by regulated superannuation and approved deposit funds of rollovers and transfers
4.12 Operating standard—acceptance by regulated superannuation and approved deposit funds of rollovers and transfers
For the purposes of subsections 31(1) and 32(1) of the Act, it is a standard applicable to the operation of regulated superannuation funds and approved deposit funds that the trustee of a fund (the receiving trustee) must not accept the rollover or transfer of a benefit from another regulated superannuation fund or approved deposit fund, or from an EPSSS or RSA, (the transferring entity) if:
the receiving trustee has reasonable grounds to believe that the benefit being rolled over or transferred is being rolled over or transferred on the basis of a belief held by the trustee or RSA provider of the transferring entity (as the case requires) that the receiving trustee has received the member’s or RSA holder’s consent to the rollover or transfer; and
the receiving trustee has not received that consent.
In this regulation:
consent means:
written consent; or
any other form of consent determined by the Regulator as sufficient in the circumstances.
This Act’s bill:Explanatory statement
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