Document ID: chunk:federal_register_of_legislation:F2024C01224:front:0:p26
Version: federal_register_of_legislation:F2024C01224
Segment Type: other
Provision Reference: 
Character Range: 65079–67826

instalment of surcharge.
 (2) In reducing the RSA holder's benefits, the RSA provider must:
 (a) if possible—deduct an amount equal to the whole of the amount of the reduction from the preserved benefits; and
 (b) if the required deduction cannot be met under paragraph (a)—deduct the balance from the restricted non‑preserved benefits; and
 (c) if the required deduction cannot be met under paragraphs (a) and (b)—deduct the balance from the unrestricted non‑preserved benefits.

3.06B  Refund of costs
  The RSA provider may refund to an RSA costs charged against the RSA holder's benefits in the RSA.

Division 3.3—RSA holder‑protection standards

3.07  Interpretation
  In this Division:
exit fee means a fee charged by an RSA provider in relation to a payment of benefits, being a fee that the RSA provider would not have charged if the payment had not been made.
RSA holder reporting period means a reporting period determined in accordance with the matters mentioned in subsection 1017D(2) of the Corporations Act 2001.

3.08  Operating standards
  For the purposes of subsection 38(1) of the Act, a requirement of this Division is a standard applicable to the operation of RSAs.

3.09  RSA holder‑protection standards not to apply to certain protected RSA holders
  If:
 (a) an RSA holder is a protected RSA holder at the end of an RSA holder reporting period; and
 (b) the RSA provider has a reasonable expectation (in accordance with subsections 1017D(13) to (16) of the Corporations Act 2001 (as inserted by item 8.1 of Schedule 10A to the Corporations Regulations 2001) and regulation 7.9.27 of the Corporations Regulations 2001) that the RSA holder will have a withdrawal benefit of at least $1,500 within 12 months after the end of that RSA holder reporting period; and
 (c) the RSA holder's withdrawal benefits reach $1,500 within 12 months after the end of that RSA holder reporting period;
the RSA holder is taken not to have been subject to the RSA holder‑protection standards from the beginning of that RSA holder reporting period until the end of that period of 12 months.
Note: See regulation 2.18 in relation to protected RSA holders whose benefits are reasonably expected to reach $1,500 within the period of 12 months after the end of an RSA holder reporting period.

3.10  RSA holder‑protection standards not to apply to pensions or annuities
  The RSA holder‑protection standards do not apply to any part of the benefits of an RSA holder that has commenced to be taken in the form of a pension or annuity.

3.11  RSA holder‑protection standards not to apply to traditional life insurance policies
  The RSA holder‑protection standards do not apply to a part of the benefits of an RSA holder that is wholly determined by a