Retirement Savings Accounts Act 1997

PART 4 - OPERATING STANDARDS ETC. AND ANNUAL RETURNS FOR RSAs  

Division 2 - Operating standards  

SECTION 38   OPERATING STANDARDS FOR RSAs  

38(1)  
The regulations may prescribe standards applicable to the operation of RSAs.

38(2)  
The standards that may be prescribed include, but are not limited to, standards relating to the following matters:


(a) the persons who may hold RSAs;


(b) the circumstances in which an RSA institution may accept contributions to an RSA;


(c) the minimum benefits to be provided by RSAs;


(d) the form in which benefits may be provided by RSA providers;


(e) the preservation of certain benefits arising directly or indirectly from amounts contributed to RSAs;


(f) the payment by RSA providers of benefits arising directly or indirectly from amounts contributed to RSAs;


(g) the payment by RSA providers of death benefits;


(h) the portability of benefits arising directly or indirectly from amounts contributed to RSAs;


(i) the fees that may be charged for the provision of RSAs;


(j) the keeping and retention of records in relation to RSAs;


(k) the disclosure of information to holders of RSAs;


(l) the disclosure of information about RSAs to the Regulator;


(m) the disclosure of information about RSAs to persons other than holders of RSAs or the Regulator;


(n) compliance, by RSA providers, with determinations of the Superannuation Complaints Tribunal;


(o) dispute resolution.

38(3)  
Regulations made in accordance with paragraph (2)(i) must further the objective of ensuring that RSAs are a low-cost product.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.