Obligation on Board
66AC Obligation on Board
S. 66AC(1) amended by No. 38/2009 s. 27(1).
Subject to subsections (5) and (6), the Board must comply with this section if—
a superannuation agreement which provides for a payment split; or
a flag lifting agreement which provides for a payment split; or
a splitting order—
is served on the Board under Part VIIIB or VIIIAB of the Commonwealth Family Law Act 1975.
This section also applies to—
a superannuation agreement which provides for a payment split; or
a flag lifting agreement which provides for a payment split; or
a splitting order—
which was served on the Board under Part VIIIB of the Commonwealth Family Law Act 1975 before the commencement of section 15 of the Superannuation Acts (Family Law) Act 2003 if the non-member spouse's entitlements in respect of the superannuation interest have not been satisfied as at that commencement.
S. 66AC(2A) inserted by No. 38/2009 s. 27(2).
This section also applies to—
a superannuation agreement which provides for a payment split; or
a flag lifting agreement which provides for a payment split; or
a splitting order—
which was served on the Board under Part VIIIAB of the Commonwealth Family Law Act 1975 before the commencement of section 27 of the Superannuation Legislation Amendment Act 2009 if the non-member spouse's entitlements in respect of the superannuation interest have not been satisfied as at that commencement.
If the non-member spouse has not satisfied a relevant condition of release and the member spouse is not receiving a pension under this Act, the Board must if the value of the non-member spouse's entitlement in respect of the superannuation interest at the particular time does not exceed the value of the member spouse's interest in the Fund—
transfer a lump sum amount equal to the value of the non-member spouse's entitlement in respect of the superannuation interest at the time of the payment to an eligible superannuation plan nominated in writing by the non-member spouse within the specified period; or
if the non-member spouse fails to nominate in writing an eligible superannuation plan within the specified period, transfer a lump sum amount equal to the value of the non-member spouse's entitlement in respect of the superannuation interest at the time of the payment to an eligible rollover fund selected by the Board.
If the non-member spouse has satisfied a relevant condition of release or the member spouse is receiving a pension under this Act, the Board must if the value of the non-member spouse's entitlement in respect of the superannuation interest at the particular time does not exceed the value of the member spouse's interest in the Fund—
if so requested in writing by the non-member spouse within the specified period, pay the non-member spouse a lump sum amount equal to the value of the non-member spouse's entitlement in respect of the superannuation interest at the time of the payment; or
if so requested in writing by the non-member spouse within the specified period, transfer a lump sum amount equal to the value of the non-member spouse's entitlement in respect of the superannuation interest at the time of the payment to an eligible superannuation plan nominated in writing by the non-member spouse; or
if no request is received from the non-member spouse within the specified period, transfer a lump sum amount equal to the value of the non-member spouse's entitlement in respect of the superannuation interest at the time of the payment to an eligible rollover fund selected by the Board.
Subsections (3) and (4) do not apply if—
the member spouse's superannuation interest is an unsplittable interest; or
a payment flag is operating in respect of the member spouse's superannuation interest; or
the non-member spouse has served a waiver notice on the Board under section 90MZA of the Commonwealth Family Law Act 1975 in respect of the member spouse's superannuation interest; or
the member spouse's superannuation interest is a payment that is not a splittable payment under Part 2 of the Commonwealth Family Law (Superannuation) Regulations 2001.
If the member spouse's superannuation interest is a pension under this Act due to a disability which is a splittable payment, the Board may determine that subsections (3) and (4) do not apply.
If the non-member spouse serves a waiver notice on the Board under section 90MZA of the Commonwealth Family Law Act 1975 in respect of the member spouse's superannuation interest, the Board may make a payment to the non-member spouse not exceeding the value at a particular time of the non-member spouse's entitlement in respect of the superannuation interest less any payments previously made by the Board to the non-member spouse in accordance with this section.
S. 66AD inserted by No. 70/2003 s. 15.
This Act’s bill:Second reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.