Retirement Savings Accounts Act 1997

PART 2 - KEY CONCEPTS AND OTHER DEFINITIONS  

Division 1 - Key concepts  

SECTION 15   RSA BENEFITS  

15(1)   [Both necessary and non-essential benefits]  

An RSA must be maintained to provide one or more of the benefits specified in subsections (2) and (3). It may also be maintained to provide one or more of the benefits specified in subsection (4).

15(2)   [Retirement or specified age]  

The benefits specified in this subsection are benefits for the holder of the RSA on or after one of, or the earlier of, the following:

(a) the holder's retirement from any business, trade, profession, vocation, calling, occupation or employment in which the holder was engaged (whether the holder's retirement occurred before, or occurred after, the holder's account was opened);

(b) the holder's attainment of an age not less than the age specified in the regulations.

Note:

A prescribed criterion under paragraph 8(e) , or an operating standard under section 38 , may prevent any benefits being provided before the holder attains a specified age.

15(3)   [Holder's death]  

The benefits specified in this subsection are benefits in respect of the holder of the RSA on or after the holder's death, if:

(a) the death occurred before

(i) the holder's retirement from any business, trade, profession, vocation, calling, occupation or employment in which the holder was engaged; or

(ii) the holder attained the age prescribed for the purposes of paragraph (2)(b); and

(b) the benefits are provided to the holder's legal personal representative, to any or all of the holder's dependants, or to both.

Note:

These benefits may be provided directly from the RSA or from policies paid for using money from the RSA.

15(4)   [Non-essential benefits]  

As long as the RSA is maintained to provide one or more of the benefits set out in subsections (2) and (3), it may also be maintained to provide one or more of the following:

(a) benefits for the holder on or after the termination of the holder's employment with an employer who had, or any of whose associates had, at any time, contributed amounts in the account;

(b) benefits for the holder on or after the holder's cessation of work, if the work was for gain or reward in any business, trade, profession, vocation, calling, occupation or employment in which the holder was engaged and the cessation is on account of ill-health (whether physical or mental);

Note:

These benefits may be provided directly from the RSA or from policies paid for using money from the RSA.

(c) benefits in respect of the holder on or after the holder's death, if the benefits are provided to the holder's legal personal representative, to any or all of the holder's dependants, or to both and:

(i) the death occurred after the holder's retirement from any business, trade, profession, vocation, calling, occupation or employment in which the holder was engaged (whether the holder's retirement occurred before, or occurred after, the account was opened); or

(ii) the death occurred after the holder attained the age prescribed for the purposes of paragraph (2)(b);

(d) such other benefits as APRA approves in writing.