Retirement Savings Accounts Act 1997

PART 4 - OPERATING STANDARDS ETC. AND ANNUAL RETURNS FOR RSAs  

Division 4 - Other provisions relating to the operation of RSAs  

SECTION 41   CERTAIN USES OF RSAs PROHIBITED  

41(1)    
Any term or condition in a contract or other agreement providing for a charge over, or in relation to, an RSA is of no effect.

41(2)    
Benefits provided under an RSA in relation to an RSA cannot be assigned.

41(3)    
An RSA provider must not recognise, or in any way encourage or sanction, a charge over an RSA or an assignment of benefits provided under an RSA.

41(4)    

If:

(a) a person does an act; and

(b) the doing of the act results in a contravention of subsection (3);

the person commits an offence punishable on conviction by a fine not exceeding 100 penalty units.

Note:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

41(5)    

For the purposes of this section, a charge includes the placing of mortgage, lien or other encumbrance on the RSA.

41(6)    

This section does not apply to a charge or assignment that is permitted, whether expressly or by necessary implication, by the regulations.