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Commonwealth act
This law creates and regulates a specific type of retirement savings product called a Retirement Savings Account (RSA). Think of an RSA as a simpler, bank-style alternative to a traditional superannuation (super) fund — it works like a deposit account or insurance policy, but is ring-fenced specifically for retirement savings.
Only approved financial institutions can offer RSAs. These are:
They must apply to APRA (the Australian Prudential Regulation Authority — the government body that oversees banks and insurers) for approval. Approval can be suspended or revoked if the institution misbehaves.
An RSA must:
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Direct links to the current provisions in Retirement Savings Accounts Act 1997.
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View on official registerSourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
The primary purpose is to pay you money when you retire or reach a certain age. It can also pay benefits if you die before retirement (to your dependants), if you become seriously ill, or if your employment is terminated.
Life insurance companies can only offer RSAs as insurance policies, while banks offer them as deposit accounts.
If you hold an RSA:
If you are an employer:
If you work for a bank, insurer, or other RSA provider:
Three different government bodies share oversight — which can be confusing:
RSAs are a low-cost, low-risk alternative to traditional superannuation funds. This law ensures that the retirement savings of everyday Australians held in RSAs are protected, properly managed, and subject to government oversight. The law essentially mirrors many protections found in superannuation law, adapted for the simpler bank/insurer product structure.