Retirement Savings Accounts Regulations 1997

PART 3 - BENEFIT PROTECTION STANDARDS  

Division 3.1 - Introductory  

REGULATION 3.01   INTERPRETATION  

3.01(1)   [ Definitions]  

In this Part, unless the contrary intention appears:

"administration costs"
includes all fees and charges charged against benefits of the holder of an RSA in the RSA (whether or not charged against the contributions by or in respect of the RSA holder), other than:

(a) the cost (if any) of providing to the RSA holder:

(i) an insured death benefit; or

(ii) an insured permanent or temporary incapacity benefit; and

(b) taxation costs;

[ NOTE: Examples of " taxation costs " : contributions tax, superannuation contributions surcharge.]

"deferred annuity"
has the same meaning as in Part 5 of the SIS Regulations;

rolled over
means paid as a superannuation lump sum (other than by way of being transferred) within the superannuation system.

superannuation provider
means:

(a) an RSA provider; or

(b) the trustee of a regulated superannuation fund; or

(c) the trustee of an approved deposit fund.

"superannuation system"
means the system comprising:

(a) RSAs; and

(b) regulated superannuation funds; and

(c) approved deposit funds; and

(d) the Commissioner of Taxation in the Commissioner of Taxation's role as the maker of payments to a superannuation provider under the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; and

(e) (Repealed by SLI No 14 of 2009)

(f) annuities; and

(g) deferred annuities; and

(h) EPSSSs.

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.

3.01(2)   [ Payment from SHAR]  

For the purposes of this Part, a payment from the Superannuation Holding Accounts Reserve is taken to be a mandated employer contribution.

3.01(3)   [ Lost RSA holder protection standards]  

For the purposes of this Part, a reference to the RSA holder-protection standards having only lost-RSA holder operation in relation to a person is a reference to the RSA holder-protection standards operating to protect the benefits of that person only if the person becomes a lost RSA holder and not if he or she becomes a protected RSA holder.