Retirement Savings Accounts Amendment Regulations 1999 (No. 1)

(13 of 1999)

4 February 1999

Made under Retirement Savings Accounts Act 1997

1   Name of Regulations

These regulations are the Retirement Savings Accounts Amendment Regulations 1999 (No. 1).

2   Commencement

These regulations commence on gazettal.

3   Amendment of Retirement Savings Accounts Regulations

Schedule 1 amends the Retirement Savings Accounts Regulations.

Schedule 1   Amendment of Retirement Savings Accounts Regulations

[1]   Regulation 1.01

substitute

1.01 Name of regulations

These regulations are the Retirement Savings Accounts Regulations 1997.

[2]   Subregulation 1.03 (1), definition of withdrawal benefit, subparagraph (b) (ii)

substitute

(ii) the trustee of a superannuation entity or an EPSSS;

[3]   Subregulation 1.03 (1)

insert

EPSSS means an exempt public sector superannuation scheme.

[4]   Note

Note Omit paragraph (c) of the note following regulation 1.06, and insert:

(c) that, if the RSA holder is transferred to a superannuation entity or an EPSSS, the RSA provider must supply certain information about the RSA holder to the trustee of the superannuation entity or the EPSSS (see Division 2.8).

[5]   Subregulation 2.28 (3)

after

superannuation entity,

insert

or an EPSSS,

[6]   Subregulation 2.29 (1)

omit

institution, or superannuation entity to

insert

institution, superannuation entity or EPSSS to

[7]   Subregulation 2.29 (1)

omit

institution or superannuation entity chosen

insert

institution, superannuation entity or EPSSS chosen

[8]   Paragraph 2.29 (2) (e)

omit

institution or superannuation entity

insert

institution, superannuation entity or EPSSS

[9]   Subregulation 2.29 (3)

omit

institution, or superannuation entity other than the eligible rollover fund.

insert

institution, about a superannuation entity other than the eligible rollover fund or about an EPSSS.

[10]   Subparagraph 2.43 (3) (b) (ii)

omit

period.

insert

period; or

[11]   After subparagraph 2.43 (3) (b) (ii)

insert

(iii) the trustee of the EPSSS to which the amount is being transferred, information to the same general effect as that required under Subdivision 2.4.2 of the SIS Regulations in respect of the RSA holder's exit reporting period.

[12]   Subregulation 3.01 (1), definition of superannuation system, paragraph (h)

substitute

(h) EPSSSs.

[13]   Subregulation 3.01 (1), definition of transferred

substitute

transferred , in relation to the benefits of the holder of an RSA paid out of, or received by, the RSA, means paid to, or received from:

(a) another RSA provided by an RSA institution; or

(b) a superannuation entity; or

(c) an EPSSS;

otherwise than upon the satisfaction by the RSA holder of a condition of release (within the meaning of Part 4) for all those benefits.

[14]   Subregulation 4.01 (6)

omit

a superannuation entity.

insert

a superannuation entity or an EPSSS.

[15]   Paragraph 4.10 (1) (b)

omit

exempt public sector superannuation scheme

insert

EPSSS

[16]   Sub-subparagraph 4.24 (2) (a) (iii) (C)

omit

fund;

insert

fund; or

[17]   After sub-subparagraph 4.24 (2) (a) (iii) (C)

insert

(D) an EPSSS;

[18]   Sub-subparagraph 4.24 (2) (b) (iii) (C)

omit

fund;

insert

fund; or

[19]   After sub-subparagraph 4.24 (2) (b) (iii) (C)

insert

(D) an EPSSS;

[20]   Paragraph 4.24 (5) (b)

after

regulated superannuation fund

insert

or an EPSSS

[21]   Regulation 4.31

after

superannuation entity

insert

or an EPSSS

[22]   Subparagraph 4.32 (b) (ii)

after

superannuation entity

insert

or EPSSS

[23]   Subparagraph 4.33 (b) (ii)

after

superannuation entity

insert

or EPSSS