Retirement Savings Accounts Regulations 1997

In force

Administered by

Department of the Treasury

This item is authorised by the following title:

Retirement Savings Accounts Act 1997

Superseded version

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F2012C00089

14 February 2012 - 20 August 2012

This instrument was backcaptured in accordance with Section 36 of the Legislative Instruments Act 2003

Table of contents

1.01 Name of Regulations [see Note 1]
1.02 Commencement [see Note 1]
1.03 Interpretation
1.04 Eligible person — section 13 of the Act
1.05 Approved auditor
1.05A Meaning of growth phase
1.06 Lost RSA holder
1.07 Meaning of pension — section 16 of the Act
1.08 Commutation of market linked pension
1.08A Commutation of an account-based pension
1.09 Interdependency relationships (Act s 20A)
2.09 Prescribed information — paragraph 52 (2) (a) of the Act
2.18A Application of Division 2.3A
2.18B Operating standards
2.18C Information to be provided by RSA provider — growth phase
2.18D Other information to be given by RSA provider — adverse effect on benefits
3.01 Interpretation
3.02 RSA provider may provide greater protection
3.03 Operating standards
3.04 Minimum benefits
3.05 How benefits are to be treated
3.06 Mandated employer contributions
3.06A Priority in deducting surcharge or instalment
3.06B Refund of costs
3.07 Interpretation
3.08 Operating standards
3.09 RSA holder-protection standards not to apply to certain protected RSA holders
3.10 RSA holder-protection standards not to apply to pensions or annuities
3.11 RSA holder-protection standards not to apply to traditional life insurance policies
3.12 RSA holder-protection standards
3.13 Costs not to be deferred
4.01 Interpretation [see Note 2]
4.01A Meaning of terminal medical condition
4.01B Conditions of release for temporary residents
4.03 RSA changeover day
4.04 Preserved benefits — before 1 July 1999
4.05 Preserved benefits — on and after 1 July 1999
4.08 Effect of rollover or transfer on preserved benefits
4.09 Restricted non-preserved benefits — before 1 July 1999
4.10 Restricted non-preserved benefits — on and after 1 July 1999
4.12 Effect of rollover or transfer on restricted non-preserved benefits
4.13 Unrestricted non-preserved benefits
4.14 Movement of benefits between categories by satisfaction of conditions of release
4.15 Effect of rollover or transfer on unrestricted non-preserved benefits
4.17 Contributions and benefits taken to be preserved benefits
4.17A When benefits rolled over or transferred are unrestricted non-preserved benefits
4.17B Investment earnings taken to be unrestricted non-preserved benefits
4.18 Redistribution of benefits by operation of terms and conditions or action of RSA provider
4.19 Operating standards
4.20 Restriction on payment
4.20A Payment and commutation of pension in breach of standards
4.21 Voluntary cashing of preserved benefits
4.22 Voluntary cashing of restricted non-preserved benefits
4.22A Release of benefits on compassionate grounds
4.23 Voluntary cashing of unrestricted non-preserved benefits
4.23A Compulsory cashing of benefits — temporary residents
4.23B Cashing of benefits in an RSA — payment to Commissioner of Taxation
4.24 Compulsory cashing of benefits
4.25 Effect of rollover or transfer on post-65 employer-financed benefits
4.26 Limitation on cashing of benefits in favour of persons other than RSA holders or their legal personal representatives
4.27 When benefits may be cashed in favour of persons other than RSA holders
4.28 Effect of payment of benefits
4.29 Priority in cashing benefits in certain cases
4.30 Definition
4.31 Operating standards
4.32 Rollover
4.33 Transfer
4.34 When RSA holder’s consent need not be given
4.35 Application of Division 4.4A
4.35A Operating standards
4.35B Request form
4.35C Request for rollover or transfer of withdrawal benefit
4.35D Rollover or transfer of benefit
4.35E When an RSA provider may refuse to roll over or transfer an amount
4.37 Interpretation
4.38 Meaning of taxed splittable contribution and untaxed splittable contribution
4.39 Meaning of splittable contribution
4.40 Application of Division 4.5
4.41 Application to roll over, transfer or allot an amount of contributions
4.42 Decision on application
4.43 Receiving spouse
4.44 Definitions for Division 4.6
4.45 Conditions for use of tax file numbers
4.46 Consent to use RSA holder’s tax file number
4.47 Procedure for searching for amounts to facilitate consolidation by rollover
4A.01 Purpose of Part 4A
4A.01A Relevant condition of release
4A.02 Operating standards
4A.03 RSA provider to give payment split notice
4A.04 Application of Division 4A.2
4A.05 RSA provider may open a new RSA
4A.06 Request to retain a non-member spouse interest
4A.07 Request to roll over or transfer benefits
4A.08 Request for lump sum payment
4A.09 Requirements for requests
4A.10 Giving effect to a request
4A.11 RSA provider’s options if no request received
4A.12 Confirming a non-member spouse RSA
4A.13 Rolling over or transferring the non-member spouse’s interest
4A.14 Paying a lump sum
4A.15 Application of Division 4A.3
4A.16 Request to open new RSA
4A.17 Request for transfer of benefits
4A.18 Request for lump sum payment
4A.19 Requirements for requests
4A.20 Giving effect to a request
4A.21 RSA provider options if no request received
4A.22 Opening a new RSA
4A.23 Rolling over or transferring transferable benefits
4A.24 Paying a lump sum
4A.25 Application of Division 4A.4
4A.27 Preservation of non-member spouse entitlements
4A.28 Cashing of non-member spouse entitlements
5.01 Interpretation
5.02 Operating standards
5.03 Acceptance of contributions
6.01 Notice of reviewable decisions and reasons for decisions
6.02 Reconsideration of certain decisions
6.03 AAT review of reconsidered decisions
6.04 Application for approval as an RSA institution
6.05 Circumstances in which a person may become RSA holder
6.06 Requirements concerning how certain money to be dealt with
6.07 Statements by experts — keeping of written consents
6.08 Operating standards — disclosure of information to APRA
6.10 Lodgment of annual returns
6.11 RSA holder benefits — specified age
6.12 Prescribed regulatory agencies
6.13 Period to notify RSA holder or employer of suspension or revocation
6.14 Orders etc of the Superannuation Complaints Tribunal to be complied with
6.15 Amount to be transferred
6.16 Period within which audit report must be given
6.16A Conditional offer of goods or services — exemptions
6.17 Payment of benefit to eligible rollover fund
6.18 Report of inspector — prescribed agencies
6.19 Statements made at an examination — manner of authentication
- Schedule 1 Payment limits for pensions with a commencement day before 1 January 2006
- Schedule 1A Payment limits for pensions with a commencement day on or after 1 January 2006
- Schedule 2 Conditions of release and cashing restrictions — preserved benefits and restricted non-preserved benefits
- Schedule 4 Payments for market linked pensions
- Schedule 5 Minimum payment amount for an account-based pension
  - Notes to the REF citation \* MERGEFORMAT \*CHARFORMAT Retirement Savings Accounts Regulations 1997

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Retirement Savings Accounts Regulations 1997

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Retirement Savings Accounts Regulations 1997