Commonwealth Consolidated Regulations

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Return of financial product: superannuation and RSAs

             (2)  For subsection 1019B(2) of the Act, it is a requirement of the exercise of the right to return a superannuation product or RSA that, if the money to be repaid includes:

                     (a)  restricted non-preserved benefits within the meaning of the SIS Regulations ; or

                     (b)  preserved benefits within the meaning of the SIS Regulations;

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

             (3)  The right of return is taken to have been exercised only on receipt by the responsible person of the nomination.

             (4)  The holder must make the nomination not later than 1 month after notifying the responsible person of the right to exercise the right of return.

             (5)  The holder must notify the responsible person in writing or by electronic means .

             (6)  For subsection 1019B(7) of the Act, if:

                     (a)  a holder nominates a superannuation entity or RSA; and

                     (b)  the superannuation entity or RSA does not accept the nomination;

the responsible person may rollover or transfer the holder's benefits to an eligible rollover fund.

             (7)  For subsection 1019B(7) of the Act, if the right of return is exercised, the responsible person must return the money as directed.

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