Document ID: chunk:federal_register_of_legislation:C2025C00154:section:8
Version: federal_register_of_legislation:C2025C00154
Segment Type: section
Provision Reference: s 8
Character Range: 18572–19456

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.