Commonwealth Consolidated Regulations

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CORPORATIONS REGULATIONS 2001 - REG 7.8.23

Return of financial product: transfer between superannuation entities or RSAs

             (1)  For paragraph 992A(4)(b) of the Act, this regulation applies in relation to a superannuation product or an RSA product that has been issued to the holder of the product as a result of a transfer between superannuation entities or RSAs.

             (2)  It is a requirement of the exercise of the right to return the superannuation product or RSA product that, if the money to be repaid includes:

                     (a)  restricted non-preserved benefits; or

                     (b)  preserved benefits;

the holder of the superannuation product, or the RSA holder, must nominate a superannuation fund, approved deposit fund or RSA into which the money representing restricted non-preserved benefits or preserved benefits is to be repaid.

             (3)  For paragraph 992A(4)(b) of the Act, if the right of return is exercised, the responsible person must return the money as directed.



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