Commonwealth Consolidated Regulations

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Statement content in relation to superannuation interest under Family Law Act: RSA

             (1)  For subparagraphs 1017DA(1)(a)(ii) and (iii), and paragraph 1017DA(1)(b), of the Act, an RSA provider that is a product issuer must give to a non-member spouse in relation to an RSA product issued under a payment split a statement providing the following information:

                     (a)  the contact details for the product issuer;

                     (b)  if the payment split is a base amount payment split:

                              (i)  the base amount allocated to the non-member spouse under the relevant superannuation agreement, flag lifting agreement or splitting order; and

                             (ii)  the method by which the base amount will be adjusted on an ongoing basis;

                     (c)  if the payment split is a percentage payment split, the percentage that is to apply to all splittable payments in respect of the interest;

                     (d)  the circumstances in which the entitlement of the non-member spouse will become payable;

                     (e)  the options available under Part 4A of the RSA Regulations in relation to the non-member spouse's entitlement in respect of the interest;

                     (g)  information about the dispute resolution system that covers complaints by holders of the product and about how that system may be accessed;

                     (h)  details of any amounts payable by the non-member spouse in respect of the payment split, and arrangements for the payment of any such amounts.

             (2)  For paragraph 1017DA(2)(b) of the Act, the statement mentioned in subregulation (1) is to be provided by a regulated person when the regulated person gives a payment split notice to the non-member spouse.

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