Retirement Savings Accounts Regulations 1997

Div 2 repealed by FRLI No F2021L01841, reg 4 and Sch 1 item 13, effective 18 December 2021.

Reg 2.06 omitted by SR No 20 of 2002, reg 3 and Sch 1 item 2, effective 11 March 2002. Reg 2.06 formerly read:

INFORMATION TO BE GIVEN TO PROSPECTIVE RSA HOLDER  
2.06(1)
For the purposes of section 53 of the Act, the information that the RSA institution must be satisfied has been received by a person before the person becomes an RSA holder comprises each of the following items of information so far as they are applicable:

(a) the name, ACN or ARBN and contact details of the RSA provider;

(b) a statement:

(i) that outlines the effect of the lower-risk/lower-return nature of the RSA on possible benefits in the long term; and

(ii) that there are other superannuation arrangements that may provide a greater return over the long term; and

(iii) that the person may wish to seek information about the rates of return of those superannuation arrangements;

(c) if the terms and conditions of the RSA meet the standards of subregulation 1.07(2) , or of 1.05(4) of the SIS Regulations - a statement that:

(i) the amount that the RSA holder can take out each year is subject to minimum and maximum limits set by the Government; and

(ii) an allocated pension or allocated annuity may not provide an income stream for the rest of the RSA holder's life; and

(iii) payments will only be made while there is money in the RSA;

(d) a brief statement on the benefits that the person may become entitled to on becoming an RSA holder;

(e) a brief statement of who may contribute to the RSA;

(f) a brief statement of when benefits are payable;

(g) a brief statement that, subject to any notice period, the amount of the RSA may be transferred at any time to:

(i) another RSA provided by an RSA institution; or

(ii) a superannuation entity or regulated exempt public sector superannuation scheme; or

(iii) a deferred annuity;

(h) if there is an insured benefit - the name of the company taking the insurance risk;

(i) a brief statement of the taxation of the RSA and benefits;

(j) if a fixed-rate option is, or fixed-rate options are, offered by the RSA provider in relation to the whole, or a part, of an RSA - a statement of the net rate of interest of each fixed-rate option and the term to which that net rate of interest applies; and

(k) if a variable-rate option is, or variable-rate options are, offered by the RSA provider in relation to the whole, or a part, of an RSA:

(i) a statement of the current rate of interest of each variable-rate option offered; and

(ii) a statement that the rate, or rates, of interest may increase or decrease over time; and

(iii) the annual actual or notional rate of net interest applied under similar variable-rate options offered by the RSA provider for each year of the previous 5 years; and

(iv) the compound average of the annual actual or notional rate of net interest applied under similar variable-rate options offered by the RSA provider for each year of the previous 5 years; and

(v) a statement that past interest are not an indicator of future interest;

(l) a summary of fees and charges that may be charged directly to the RSA;

(m) a brief statement about the effect of the RSA holder-protection standards;

(n) if fees and charges are deducted before interest is credited to the RSA - a statement to the effect that interest is paid net of all expenses;

(o) details (in summary form) of arrangements that the RSA provider has to deal with inquiries or complaints;

(p) details of the existence and (in outline terms) the functions of the Superannuation Complaints Tribunal;

(q) a statement of the circumstances in which the RSA provider will pay the RSA holder's benefits to an eligible rollover fund, the effect of that payment and the contact details of the eligible rollover fund;

(r) a statement that further information is available on request.

2.06(2)
If a variable-rate option has not been in existence for 5 years, the references in subparagraphs (1)(k)(iii) and (iv) to 5 years are taken to be references to the whole period of existence of the option.

2.06(3)
The information mentioned in subparagraphs (1)(k)(iii) and (iv), must not have been first published or issued by the RSA institution more than 15 months before the date the information was given to the person.

2.06(4)
A reference in subparagraphs (1)(k)(iii) and (iv) to similar variable-rate options offered by the RSA provider includes a reference to variable at-call deposits offered by that RSA provider or by a capital guaranteed life policy, if the RSA provider did not offer similar variable-rate options for each year of the previous 5 years.