Document ID: chunk:federal_register_of_legislation:F2024C01224:front:0:p49
Version: federal_register_of_legislation:F2024C01224
Segment Type: other
Provision Reference: 
Character Range: 125608–128302

the Superannuation (Unclaimed Money and Lost Members) Act 1999.

4.27  When benefits may be cashed in favour of persons other than RSA holders
  The benefits of an RSA holder may be cashed in favour of a person other than the RSA holder if:
 (a) the cashing is approved in writing by APRA for the purposes of paragraph 15(4)(d) of the Act; and
 (b) the benefits are cashed only to the extent of that approval.

4.28  Effect of payment of benefits
 (1) If the cashing of the benefits of an RSA holder complies with regulation 4.26, 4.27, 4A.24 or 4A.28, the RSA provider is discharged from all further liability in respect of the benefits cashed.
 (2) Benefits of an RSA holder cashed in accordance with regulation 4.26, 4.27, 4A.24 or 4A.28 in favour of a person other than a legal personal representative of the RSA holder do not form part of the estate of the RSA holder.

4.29  Priority in cashing benefits in certain cases
 (1) This regulation applies to an RSA provider if:
 (a) an RSA holder has satisfied a condition of release; and
 (b) there is a cashing restriction (other than a 'Nil' restriction) in respect of that condition.
 (2) In cashing benefits in accordance with the restriction, the RSA provider must give priority to benefits in the following order:
 (a) first—to unrestricted non‑preserved benefits;
 (b) second—to restricted non‑preserved benefits;
 (c) third—to preserved benefits.

Division 4.4—Rollover and transfer of benefits
Note: See also Parts 8 and 9 of the Act.

4.30  Definition
  In this Division:
consent means:
 (a) written consent; or
 (b) any other form of consent determined by APRA as sufficient in the circumstances.

4.31  Operating standards
  Subject to regulation 4.34, for the purposes of subsection 38(1) of the Act, it is a standard applicable to the operation of RSAs that the RSA institution (the receiving RSA institution) must not accept the rollover or transfer of a benefit from another RSA or from a superannuation entity or an EPSSS if:
 (a) the receiving RSA institution has reasonable grounds to believe that the benefit being rolled over or transferred is being rolled over or transferred on the basis of a belief held by the RSA provider or trustee of the transferring entity (as the case may be) that the receiving RSA institution has received the RSA holder's or member's consent to the rollover or transfer; and
 (b) the receiving RSA institution has not received that consent.

4.32  Rollover
  Except as otherwise provided by the Act, the Corporations Act 2001, the Corporations Regulations 2001 or these Regulations, the benefits of an RSA holder in an RSA must not be rolled over from that RSA unless:
 (a) the RSA holder has