Retirement Savings Accounts Amendment Regulations 2003 (No. 2) (Regulations were disallowed by the Senate on 18 September 2003) (195 of 2003)

Schedule 1   Amendments

[3]   After regulation 1.03

insert

1.03A Meaning of protected RSA holder

(1) A protected RSA holder is an RSA holder who has a withdrawal benefit, or benefits of any other type that are payable on closing the RSA otherwise than voluntarily, net of any applicable exit fee, that:

(a) are less than $1,000; and

(b) contain, or have contained, benefits that are mandated employer-financed benefits.

(2) If an RSA provider has transferred an amount that is the whole or part of an RSA holder's withdrawal benefit in accordance with section 50 of the Act, the RSA holder is not a protected RSA holder for the RSA from which the amount was transferred.

(3) For subregulation (1), a benefit in an RSA is taken to contain or to have contained mandated employer-financed benefits unless the RSA provider knows otherwise.