Retirement Savings Accounts Regulations 1997

Reg 6.06 repealed by FRLI No F2021L00412, reg 4 and Sch 1 item 19, effective 2 April 2021. Reg 6.06 formerly read:

REGULATION 6.06 REQUIREMENTS CONCERNING HOW CERTAIN MONEY TO BE DEALT WITH  
6.06(1)
If an amount of money received by an RSA provider is an amount to which section 61 of the Act applies, the RSA provider must:

(a) pay the money into a suspense account (that need not be interest-bearing); and

(b) record the payment in a register showing the payments to, and withdrawals from, that suspense account.

6.06(2)
The money must:

(a) if subsection 61(1) of the Act applies - be retained in the suspense account until:

(i) the RSA is provided; or

(ii) the money is refunded, at the request of the applicant or the employer, to the applicant or the employer; or

(b) if subsection 61(2) of the Act applies - be paid to an eligible rollover fund as soon as practicable.