Table of contents
Frequently asked questions
Payment Standards
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Current31 August 2015
Payment standards
Is the APRA determination Form of Non Written Consent Sufficient for Rolling Over or Transferring Benefits still valid? If so, does it permit RSE licensees to accept non-written consent from members?
Regulations 6.28 and 6.29 of the Superannuation Industry (Supervision) Regulations 1994 (The SIS Regulations) respectively prohibit the rollover and transfer of a member’s benefits from a fund unless:
- the member has given the RSE licensee their consent to the rollover or transfer;
- the RSE Licensee believes on reasonable grounds that the receiving trustee has received the member’s consent to the transfer; or
- in the case of a transfer, the transfer is to a successor fund or for the purposes of transferring accrued default amounts under specified provisions of the SIS Act.
APRA, under the SIS Regulations, has the power to determine a form of consent that is sufficient to accept rollovers and transfers.
On 31 January 2002, APRA issued the determination, Form of Non Written Consent Sufficient for Rolling Over or Transferring Benefits (the Determination).
The Determination permits a member’s consent for a rollover or transfer to be transmitted electronically, orally or in any other non-written form, if the RSE licensee complies with requirements specified in the Determination.
The SIS Regulations have been amended since the Determination was issued to require RSE licensees to accept electronic rollover requests. However, the Determination remains valid and continues to permit electronic, oral and other non-written consent to rollovers and transfers.
APRA will consider in due course whether updated guidance on non-written consent for rollovers and transfers would be appropriate in light of the amendments to the SIS Regulations and recent technological developments.