Retirement Savings Accounts Act 1997

PART 2 - KEY CONCEPTS AND OTHER DEFINITIONS  

Division 1 - Key concepts  

SECTION 8   DEFINITION OF RSA  

8(1)   [Definition]  

An RSA , or retirement savings account , is an account or a policy:

(a) that is described as an RSA; and

(b) that is provided by an entity that is an RSA institution at the time the account is opened or the policy is issued; and

(c) that is capital guaranteed (see section 14 ); and

(d) that is held by a person who is an eligible person at the time the account is opened or the policy is issued (see section 13 ); and

(e) that, at the time that it is opened or issued, satisfies:

(i) the requirements in section 15 ; and

(ii) any prescribed criteria; and

(f) that is opened or issued on or after 1 July 1997 or such later day as is prescribed.

8(2)   [RSAs provided by insurance companies]  

However, an RSA , or retirement savings account , can only be provided by a life insurance company as a policy.

Note:

Section 16 provides that policy has the same meaning as in the Life Insurance Act 1995 .