(1) For subsection 1017DA(1) of the Act, if the benefits of a superannuation product holder or RSA product holder will be paid (otherwise than under a payment split) to an eligible rollover fund unless the holder chooses, within a specified period, another superannuation entity, an EPSSS or an RSA to which those benefits will be paid, the responsible person must give a notice to the product holder within a reasonable period to allow a decision to be made.
(2) The notice must include:
(a) information about the payment to the eligible rollover fund that will assist the product holder to decide between having the benefits paid to that other superannuation entity, the EPSSS, the RSA or the eligible rollover fund; and
(b) so much of the following information as is relevant:
(i) an explanation why the product issuer (the transferor ) intends to pay the product holder's benefits to the eligible rollover fund if the product holder does not make the choice within the period;
(ii) a statement of the effect of the payment of benefits to the eligible rollover fund;
(iii) the contact details of the eligible rollover fund;
(iv) subject to subregulation (3), the amount, of the product holder's benefits that will be paid from the transferor;
(v) a statement to the effect that, if the product holder chooses a superannuation entity, EPSSS or RSA that refuses to accept the payment of the product holder's benefit, or the product holder makes no choice within the specified period, the responsible person will pay the product holder's benefits to the eligible rollover fund.
(3) For subparagraph (2)(b)(iv), the product issuer may inform a product holder of the approximate amount of the product holder's benefits if, at the time the information is to be given, the responsible person cannot determine the exact amount of the product holder's benefits that will be paid from the superannuation entity or RSA.
(4) This regulation does not require the responsible person of the transferor to provide information about RSAs, EPSSSs or superannuation entities other than the eligible rollover fund.
(5) The notice may be given in writing or electronic form.
(6) In this regulation:
responsible person means:
(a) a trustee of a superannuation entity; or
(b) an RSA provider.