Retirement Savings Accounts Regulations 1997

PART 3 - BENEFIT PROTECTION STANDARDS  

Division 3.3 - 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.

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.

3.12(4)  


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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