Retirement Savings Accounts Amendment Regulations 2003 (No. 1)

(41 of 2003)

27 March 2003

Made under the Retirement Savings Accounts Act 1997

1   Name of Regulations

These Regulations are theRetirement Savings Accounts Amendment Regulations 2003 (No. 1).

2   Commencement

These Regulations commence on gazettal.

3   Amendment of Retirement Savings Accounts Regulations 1997

Schedule 1 amends theRetirement Savings Accounts Regulations 1997.

Schedule 1   Amendments

[1]   Subregulation 4.01 (2), definition of eligible temporary resident visa

substitute

eligible temporary resident visa means a visa:

(a) of one of the subclasses mentioned in Schedule 3, within the meaning of Part 2 of Schedule 1 to theMigration Regulations 1994; and

(b) that is held by a person who is not a New Zealand citizen.

Note Some of the subclasses of visa mentioned in Schedule 3 no longer exist. However, the subclasses remain relevant for regulation 4.23A.

[2]   Subregulation 4.23A (3)

omit

If the RSA holder's withdrawal benefit in the RSA is at least $5,000, the RSA provider

insert

The RSA provider

[3]   After subregulation 4.23A (3)

insert

(3A) For subregulation (3), the statement may be in electronic form.

[4]   Schedule 2, item 104, column 2

omit

regulation 4.23,

insert

regulation 4.23A,