Corporations Regulations 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

PART 7.9 - FINANCIAL PRODUCT DISCLOSURE AND OTHER PROVISIONS RELATING TO ISSUE AND SALE OF FINANCIAL PRODUCTS  

Division 5 - Ongoing requirements for product disclosure after person becomes a member  

Subdivision 5.3 - Periodic statements for retail clients for financial products that have an investment component: information for RSAs  

REGULATION 7.9.26   SPECIFIC REQUIREMENTS WHERE APPLICABLE: RSAs  

7.9.26(1)   [ Requirements]  

For paragraph 1017D(5) (g) of the Act, and in addition to regulation 7.9.19 , a periodic statement for an RSA holder must include details of the following matters in respect of the RSA holder so far as they are applicable:

(a) the amount of the RSA holder's contributions during the reporting period;

(b) the amount of employer contributions during the reporting period;

(c) the amount of benefits rolled-over or transferred into the RSA during the reporting period;

(d) the amount of withdrawals during the reporting period;

(e) information about the cost of transactions mentioned in Division 8 ;

(f) the amount of interest credited to the RSA during the reporting period;

(g) the annual effective rate of net interest applied to the RSA during the reporting period;

(h) a statement of:

(i) the annual effective rate of net earnings in each of the most recent reporting periods that, in total, constitute a period of at least 5 years; and

(ii) the compound average effective rate of net earnings for the period of 5 years ending at the end of the reporting period;

(i) the effect of the RSA holder-protection standards under the RSA Regulations;

(j) the amount of bonuses that have accrued at the end of the reporting period;

(k) if a risk insurance product is held by the RSA provider - the amount of the sum assured;

(l) the circumstances when benefits may be paid to an eligible rollover fund, the effect of that payment and the contact details of the eligible rollover fund;

(m) the amount payable in the event of the RSA holder's death:

(i) at the end of the reporting period; or

(ii) on the first day of the next reporting period;

or the method by which that amount is worked out;

(n) the amount, or method of working out, of other benefits including, in particular, disability benefits;

(o) if the RSA provider reduced the RSA holder's benefits in connection with payment of a superannuation contributions surcharge or an advance instalment of surcharge:

(i) the amount deducted; and

(ii) if there is a difference between the amount deducted and the amount assessed under subsection 15(1) of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 or between the amount deducted and the amount determined under subsection 15(2) of that Act - a statement explaining the difference;

(p) the net amount of Government co-contribution received during the reporting period.

7.9.26(2)   [ Nil amount]  

A nil amount need not be disclosed.

7.9.26(3)   [ RSA not in existence for five years]  

If, at the end of a reporting period, an RSA has not been in existence for 5 years, the references in paragraph (1)(h) to 5 years are taken to be references to the whole period of existence of the RSA.