PART 3
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BENEFIT PROTECTION STANDARDS
Division 3.3
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RSA holder-protection standards
REGULATION 3.12
RSA HOLDER-PROTECTION STANDARDS
3.12(1)
[Application]
This regulation applies in relation to an RSA holder if the RSA holder is a protected RSA holder.
History
Reg 3.12(1) substituted by SR No 200 of 2002, reg 6 and Sch 4 item 2, effective 29 August 2002. Reg 3.12(1) formerly read:
3.12(1)
This regulation applies in relation to an RSA holder if:
(a)
the RSA holder is a protected RSA holder; or
(b)
the following conditions are satisfied:
(i)
the RSA holder:
(A)
is a lost RSA holder at the end of an RSA holder reporting period, or at an earlier time chosen by the RSA provider that is within that period; or
(B)
joins the RSA as a lost RSA holder; and
(ii)
90 days have elapsed since the relevant time mentioned in subparagraph (i); and
(iii)
the RSA holder remains a lost RSA holder.
Reg 3.12(1) amended by SR No 315 of 1999.
3.12(2)
[Administration costs limited]
The amount charged as administration costs in respect of a relevant RSA holder reporting period against the benefits of the holder of an RSA to whom this regulation applies must not exceed the amount of the investment earnings credited to the RSA for that period.
3.12(3)
[Reporting period]
For subregulation (2), an RSA holder reporting period for a protected RSA holder is a relevant RSA holder reporting period if, at the end of the period, and subject to any adjustment affecting the RSA holder's benefits (net of any exit fee) made by the RSA provider in respect of the period, the RSA holder is a protected RSA holder.
History
Reg 3.12(3) substituted for reg 3.12(3) and (4) by SR No 200 of 2002, reg 6 and Sch 4 item 3, effective 29 August 2002. Reg 3.12(3) formerly read:
3.12(3)
For the purposes of subregulation (2) and subject to subregulation (4), an RSA holder reporting period is a relevant RSA holder reporting period if:
(a)
in the case of a protected RSA holder
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at the end of the period, and subject to any adjustment affecting the RSA holder's benefits (net of any exit fee) made by the RSA provider in respect of the period, the RSA holder is a protected RSA holder; or
(b)
in the case of a lost RSA holder mentioned in subparagraph (1) (b) (i)
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the period is:
(i)
the first RSA holder reporting period beginning after the relevant time mentioned in that subparagraph; or
(ii)
a subsequent RSA holder reporting period during a part of which the RSA holder remains a lost RSA holder.
Reg 3.12(3) amended by SR No 315 of 1999.
3.12(4)
(Repealed by SR No 200 of 2002)
History
Reg 3.12(3) substituted for reg 3.12(3) and (4) by SR No 200 of 2002, reg 6 and Sch 4 item 3, effective 29 August 2002. Reg 3.12(4) formerly read:
3.12(4)
For the purposes of subregulation (2) and paragraph (3)(b), if an RSA holder ceases to be a lost RSA holder during an RSA holder reporting period, an RSA provider may treat only the part of that period ending when the RSA holder ceases to be a lost RSA holder as being a relevant RSA holder reporting period.
3.12(5)
[RSA holder's benefits]
For the purposes of this regulation, the benefits of an RSA holder are taken to be composed wholly of mandated employer-financed benefits except for the portion (if any) of the benefits that the RSA provider knows are not mandated employer-financed benefits.
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