Superannuation Regulation 2022

If the superannuation interest of a contributor becomes subject to a payment split, STC must provide written notice of that fact to the following—

the contributor,

the non-contributor spouse.

The notice must be given—

for a payment split under a superannuation agreement or flag lifting agreement—within 28 days after the operative time for the payment split, or

for a payment split under a splitting order—within 28 days after the later of the following—

the operative time for the payment split,

STC’s receipt of a copy of the splitting order.

The notice given to the contributor must specify—

the estimated amount of the family law superannuation entitlement of the non-contributor spouse and how it was calculated, and

the period within which payment of the entitlement must be made, and

the estimated effect of the payment on the entitlement of the contributor under the State Superannuation Scheme established under the Act.

The notice given to the non-contributor spouse must—

specify the estimated amount of the family law superannuation entitlement of the non-contributor spouse and how it was calculated, and

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

require the non-contributor spouse to, within 60 days of the notice being given—

if the non-contributor spouse meets a circumstance for payment or release—provide details as to the required method of payment, or

if the non-contributor spouse does not meet a circumstance for payment or release—nominate a complying superannuation fund or an RSA to which the amount is to be paid, and

specify that the amount will be credited to the Aware Super Fund if, within the 60 day period—

the details are not provided, or

the nomination is not made.

For the Act, section 61WB(5)(a) and (b), the prescribed period is 60 days after notice is given under this section.

STC is not required to give the notice if the superannuation interest ceases to be subject to a payment split within the notice period specified in subsection (2).

In this section—