Reg 2.17 omitted by SR No 20 of 2002, reg 3 and Sch 1 item 4, effective 11 March 2002. Reg 2.17 formerly read:
EXCEPTION
-
RSA HOLDERS SUBJECT TO COMPULSORY PROTECTION OF SMALL AMOUNTS
2.17(1)
If, at the end of a reporting period, an RSA holder is a protected RSA holder, the RSA provider need give the RSA holder only the following information for the reporting period:
(a)
the contact details of the RSA provider;
(b)
either:
(i)
the amount of the RSA holder's withdrawal benefit at the end of the reporting period; or
(ii)
the total of the amounts that have been received by the RSA provider in respect of the RSA holder;
(c)
the annual actual or notional rate of net interest applied to the RSA for each year of the previous 5 years ending at the end of the reporting period;
(d)
the compound average of the annual actual or notional rate of net interest applied to the RSA for each year of the previous 5 years ending at the end of the reporting period;
(e)
details (in summary form) of arrangements that the RSA provider has to deal with inquiries or complaints;
(f)
a statement that other information is available on request;
(g)
a statement:
(i)
that outlines the effect of the lower-risk/lower-return nature of the product 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 RSA holder may wish to seek information about the rates of return of those superannuation arrangements;
(h)
the information mentioned in paragraph
2.15(1)(o)
.
History
Reg 2.17(1) amended by SR No 308 of 1997.
2.17(2)
A nil amount need not be disclosed.
2.17(3)
If, in relation to an RSA holder, the RSA provider takes advantage of regulation
2.18
, the RSA provider must not, in relation to the RSA holder, take advantage of subregulation (1).
2.17(4)
If, at the end of a reporting period, an RSA has not been in existence for 5 years, the references in paragraphs (1)(c) and (d) to 5 years are taken to be references to the whole period of existence of the RSA.
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