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

Schedule 1   Amendments

[6]   After Division 4.4

insert

Division 4.5 Duty to transfer balance of RSA

4.35 Amount to be transferred (Act s 50)

(1) For subsection 50 (3) of the Act, the amount of the RSA to be transferred is the amount of the RSA holder's withdrawal benefit specified by the RSA holder in the request.

(2) The amount specified by the RSA holder may be the whole, or part, of the RSA holder's withdrawal benefit.

4.36 Operating standard

(1) For subsection 38 (1) of the Act, the standard set out in subregulation (2) is applicable to the operation of RSAs.

(2) Before an RSA provider transfers an amount mentioned in regulation 4.35, the RSA provider must be satisfied that the RSA holder:

(a) is aware that the RSA holder may ask the trustee for information that the RSA holder reasonably requires for the purpose of understanding any benefit entitlements that the RSA holder may have, including:

(i) information about any fees or charges that may apply to the proposed transfer; and

(ii) information about the effect of the proposed transfer on any benefit entitlements the RSA holder may have; and

(b) does not require such information.

Note Under section 1017C of the Corporations Act 2001, an RSA provider must, on request by an RSA holder, give the RSA holder the information and documents mentioned in subsections 1017C (3) and (5). See also regulations 7.9.02, 7.9.45, 7.9.46 and 7.9.83 of the Corporations Regulations 2001.