8Definition of RSA

8 Definition of RSA

(1) An RSA, or retirement savings account, is an account or a policy: (a) that is described as an RSA; and (b) that is provided by an entity that is an RSA institution at the time the account is opened or the policy is issued; and (c) that is capital guaranteed (see section 14); and (d) that is held by a person who is an eligible person at the time the account is opened or the policy is issued (see section 13); and (e) that, at the time that it is opened or issued, satisfies: (i) the requirements in section 15; and (ii) any prescribed criteria; and (f) that is opened or issued on or after 1 July 1997 or such later day as is prescribed. (2) However, an RSA, or retirement savings account, can only be provided by a life insurance company as a policy.

Note: Section 16 provides that policy has the same meaning as in the Life Insurance Act 1995.