Reg 2.20 omitted by SR No 20 of 2002, reg 3 and Sch 1 item 4, effective 11 March 2002. Reg 2.20 formerly read:
DUTY TO GIVE INFORMATION
2.20(1)
If, at the end of a reporting period, the amount of an RSA is at least $10,000, the RSA provider must give written notice of that fact to the holder of the RSA at the time when the RSA provider gives to the RSA holder the items of information mentioned in regulation
2.14
for that period.
2.20(2)
The notice must include:
(a)
a statement that the information contained in the notice is important and that the notice must be read carefully; and
(b)
a statement that outlines the effect of the lower-risk/lower-return nature of the RSA on possible benefits in the long term; and
(c)
a suggestion that the RSA holder may wish to consider:
(i)
other superannuation arrangements that may provide a greater return over the long term; and
(ii)
seeking advice on alternative investment strategies that may be more suitable.
2.20(3)
The notice must be prominent and set in bold type on a separate sheet of paper.
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