Retirement Savings Account modification declaration No. 2 of 2007

Retirement Savings Account Act 1997

I, Wayne Byres, a delegate of APRA, under section 177 of the Retirement Savings Accounts Act 1997 (the Act) and subsection 33(3) of the Acts Interpretation Act 1901, VARY Retirement Savings Account modification declaration No.1 of 2007 dated 19 November 2007 in the manner set out in the Schedule.

The declaration comes into force upon registration on the Federal Register of Legislative Instruments.

Dated   4       December 2007

[Signed]

………………………

Wayne Byres

Executive General Manager

Diversified Institutions Division

Interpretation

In this instrument:

APRA means the Australian Prudential Regulation Authority.

Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.

Regulations means the Retirement Savings Accounts Regulations 1997.

Note 1         This instrument is a legislative instrument for the purposes of the Legislative Instruments Act 2003 (the LIA) (see section 5 of the LIA). Under section 56 of the LIA, the obligation under section 180 of the Act, to publish this exemption in the Gazette, is satisfied by its registration on the Federal Register of Legislative Instruments.

Note 2 Under paragraph (l) of the definition of reviewable decision in section 16 of the Act, the decision to make this declaration is a reviewable decision. If you are dissatisfied with this decision, you may request APRA to reconsider it in accordance with subsection 189(1) of the Act. The request for reconsideration must be made in writing, must set out the reasons for making the request, and must be given to APRA within 21 days after the day on which you first received notice of this decision, or within such further period as APRA allows.  If you are dissatisfied with the outcome of APRA’s reconsideration of the decision, you may, subject to the Administrative Appeals Tribunal Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision.

Note 3 The address where the request for reconsideration referred to in this instrument may be given to APRA, is Level 26, 400 George Street, Sydney, NSW 2000.

Schedule

Retirement Savings Account modification declaration No.1 of 2007 is varied:

(i) in the Schedule - the class of persons to whom this declaration applies, by omitting the words “RSA providers” and replacing them with the words “RSA institutions”; and

(ii) in the Schedule - the manner in which the specified modifiable provision is modified, by omitting the words “a member” and replacing them with the words “an RSA holder” and by omitting the words “the member” and replacing them with the words “the RSA holder”.