Commonwealth Consolidated Acts

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Some splittable payments may be made without leave of court

  (1)   A flagging order made under subsection   90XU(1) in relation to a superannuation interest ( original interest ) a person has in an eligible superannuation plan ( old ESP ) does not apply to a splittable payment if the splittable payment is made by the trustee of the old ESP to the trustee of another eligible superannuation plan ( new ESP ) in respect of the original interest as part of a successor fund transfer.

  (2)   If the splittable payment is made, then the flagging order is taken to be made in relation to the new interest from the time that the payment to the trustee of the new ESP is made.

  (3)   In this section:

"successor fund transfer" means the transfer of a person's superannuation interest in the old ESP in circumstances where:

  (a)   the new ESP confers on the person, in relation to the new interest, equivalent rights to the rights the person had in relation to the original interest; and

  (b)   before the transfer, the trustee of the new ESP had agreed with the trustee of the old ESP to the conferral of such rights.

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