Document ID: chunk:federal_register_of_legislation:F2025C00069:reg:3:p23
Version: federal_register_of_legislation:F2025C00069
Segment Type: reg
Provision Reference: reg 3 (pt 23/71)
Character Range: 450665–453355

the splittable payment.
 (4) The value of the benefits that the non‑member spouse has in the new interest must not be more than the value of the withdrawal benefit in relation to the member spouse and the original interest immediately before the new interest is created.
 (5) The value of the benefits that the member spouse has in his or her interest must be reduced by the sum of:
 (a) the value of the benefits that the non‑member spouse has in the new interest; and
 (b) the amount of any fees payable by the non‑member spouse in respect of the payment split.
 (6) In creating the new interest:
 (a) a proportion must be taken from the unrestricted non‑preserved benefits, the restricted non‑preserved benefits and the preserved benefits of the member spouse; and
 (b) the proportion taken from each category of benefits must be the same as the category bears to the member spouse's interest immediately before the new interest was created.
 (7) The benefits held in the new interest are unrestricted non‑preserved benefits, restricted non‑preserved benefits or preserved benefits in accordance with the character that they had in the member spouse's interest.
 (8) A new interest created to give effect to a request under regulation 7A.05 is taken to be created on the day when the trustee receives the request in accordance with regulation 7A.08.
 (9) A new interest created on the trustee's initiative under paragraph 7A.03H(1)(aa) or 7A.10(1)(a) is taken to be created on the twenty‑ninth day after the date when the payment split notice in relation to the payment split was given by the trustee.
 (10) The trustee must give to the member spouse and the non‑member spouse, within 28 days after the new interest is created, a written notice stating:
 (a) that the new interest has been created; and
 (b) the amount allocated to the non‑member spouse in the new interest; and
 (c) if the payment split is a base amount payment split—the amount of any adjustment that has been made to the base amount since the operative time.

7A.12  Rolling over or transferring transferable benefits
 (1) This regulation applies if the trustee rolls over or transfers transferable benefits:
 (a) to give effect to a request under regulation 7A.06; or
 (b) on the trustee's initiative under paragraph 7A.10(1)(b) or (c); or
 (c) under subregulation 7A.09(3) or (3A).
 (2) The value of the benefits that the member spouse has in his or her interest must be reduced by the sum of:
 (a) the value of:
 (i) the transferable benefits; or
 (ii) if paragraph (3A)(c) applies—the benefits that are rolled over or transferred; and
 (b) the amount of any fees payable by the non‑member spouse in respect of the