(1) At any time when a payment flag is operating on a superannuation interest, the spouses may make an agreement (a flag lifting agreement ) that either:
(a) provides that the flag is to cease operating without any payment split; or
(b) specifies an amount, method or percentage in accordance with subsection 90MJ(1).
(2) If the flag lifting agreement provides for a payment split, the spouses may at any time make an agreement (a termination agreement ) that terminates the flag lifting agreement.
(3) A flag lifting agreement or termination agreement has no effect unless it complies with the following requirements:
(a) the agreement must be signed by both spouses;
(b) for each spouse, the agreement must contain a statement that the spouse has been provided with independent legal advice from a legal practitioner as to the legal effect of the agreement;
(c) a certificate must be attached to the agreement, signed by the person who provided the legal advice and stating that the advice was provided;
(d) after the agreement is signed by the spouses, each spouse must be provided with a copy of the agreement.
(4) A court may make an order setting aside a flag lifting agreement or termination agreement if, and only if, the court is satisfied as to:
(a) if the spouses are parties to a marriage--any of the grounds set out in subsection 90K(1) (other than paragraph 90K(1)(f)); or
(b) if the spouses are parties to a de facto relationship--any of the grounds set out in subsection 90UM(1) (other than paragraph 90UM(1)(i)).
(5) An order setting aside a flag lifting agreement also operates to set aside the related financial agreement or Part VIIIAB financial agreement.
(6) An order under section 90K setting aside a financial agreement also operates to set aside the related flag lifting agreement.
(7) An order under section 90UM setting aside a Part VIIIAB financial agreement also operates to set aside the related flag lifting agreement.