RSA Modification Declaration 2006/1
COMMONWEALTH OF AUSTRALIA
This legislative instrument has been automatically repealed, and sunset on 1 October 2016.Retirement Savings Account Act 1997
I, Thomas Karp, a delegate of APRA, under section 177 of the Retirement Savings Account Act 1997 (the Act), DECLARE that Regulation 4.24 of the Regulations has effect in relation to the class of persons described in the attached Schedule as if it were modified in the manner specified in the attached Schedule.Retirement Savings Account Act modification declaration No. 1 of 2006
The declaration comes into force upon registration on the Federal Register of Legislative Instruments.
Interpretation
In this Instrument
APRA means the Australian Prudential Regulation Authority.
Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.
Regulations means the Retirement Savings Account Regulations 1997.
Schedule - the class of persons to whom this declaration applies
RSA providers
Schedule - the manner in which the specified modifiable provision is modified
Regulation 4.24 is to have effect in relation to RSA providers and holders as if it was modified, by inserting after subregulation 4.24(2B) (as inserted by Modification Declaration No 1):
- "4.24(2C)
- During the period 10 May 2006 to 30 June 2007:
- (i)
- the benefits of an RSA holder (other than the RSA holder's post-65 employer-financed benefits) are not required to be cashed in accordance with paragraphs 4.24(1)(a), 4.24(1)(b) or 4.24(1)(c); and
- (ii)
- an RSA holder's post-65 employer-financed benefits are not required to be cashed in accordance with paragraphs 4.24(2)(a) or 4.24(2)(b).
- 4.24(2D)
- The cashing of an RSA holder's benefits (including the RSA holder's post-65 employer-financed benefits) by an RSA provider during the period 10 May 2006 to the date of registration of this modification declaration is not a breach of regulation 4.24 as modified.
29 June 2006
Thomas Karp
Executive General Manager
Supervisory Support Division
Registration Number: F2006L02133
Registration Date: 30 June 2006
Explanatory Memorandum to RSA Modification Declaration 2006/1