Commonwealth legislation

Modification Declaration No 1 made under the Retirement Savings Account Act 1997

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

This instrument temporarily suspended the legal requirement for institutions offering Retirement Savings Accounts (RSAs) to cash out benefits on account-holders aged 65. From 1 July 2004 to 30 June 2005, providers (banks, credit unions, building societies) were relieved of mandatory payout obligations, and failures to pay between 1 July 2004 and the declaration date (2 May 2005) were treated as non-breaches. It gave a one-year payout reprieve and protection from penalties.

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Direct links to the current provisions in Modification Declaration No 1 made under the Retirement Savings Account Act 1997.

Modification Declaration No 1 made under the Retirement Savings Account Act 1997

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Modification declaration No 1

Retirement Savings Accounts Act 1997

I, Brandon Khoo, a delegate of APRA under section 177 of the Act, DECLARE that subregulations 4.24(1) and 4.24(2) of the Regulations are to have effect in relation to RSA holders as if they were modified by inserting after subregulation 4.24(2):

“(2A) During the period 1 July 2004 to 30 June 2005, the benefits of an RSA holder (including the RSA holder’s post-65 employer financed benefits) are not required to be cashed in accordance with paragraph 4.24(1)(a) or 4.24(2)(a).

(2B) An RSA provider’s failure to cash an RSA holder’s benefits (including the RSA holder’s post-65 employer financed benefits) in accordance with paragraph 4.24(1)(a) or 4.24(2)(a) during the period 1 July 2004 to the date of commencement of Modification Declaration No 1 is not a breach of those paragraphs.”

This Declaration commences on the date it is signed.

Dated 2 May 2005

[signed]

Brandon Khoo

Executive General Manager

Specialised Institutions Division

Interpretation

In this Declaration

Act means the Retirement Savings Accounts Act 1997

APRA means the Australian Prudential Regulation Authority

Regulations means the Retirement Savings Accounts Regulations 1997

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Modification Declaration No 1 made under the Retirement Savings Account Act 1997