The Superannuation Industry (Supervision) Amendment Regulation 2013 (No 1) was registered on Mon 18.2.2013, to prescribe details for the operation of the Tax Office’s electronic portability request scheme. Broadly, the ATO scheme will allow superannuation fund members to electronically request the rollover or transfer of their benefits from their fund via an online service provided by the Tax Office. The Commissioner will then verify the member’s identity before passing the request electronically to the trustee of the relevant superannuation fund. The regulation also revises the sequence and grouping of the existing portability provisions in the SIS Regulations and includes references to account-based pensions and market linked pensions. The regulation commenced on Tue 19.2.2013.
The Retirement Savings Accounts Amendment Regulation 2013 (No 1), also registered on Mon 18.2.2013, makes corresponding amendments to the RSA Regulations in relation to the portability of RSAs.
[LTN 32, 18/2/13]