Commonwealth Consolidated Acts

RETIREMENT SAVINGS ACCOUNTS ACT 1997 - SECT 42

             (1)  An RSA provider must not:

                     (a)  reduce the balance of an RSA that is an account by the crediting of any negative interest; or

                     (b)  reduce the contributions or accumulated earnings of an RSA that is a policy by negative investment returns or any reduction in the value of assets in which the policy is invested.

Penalty:  100 penalty units.

             (2)  Subsection (1) is an offence of strict liability.

Note 1:       Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:       For strict liability , see section 6.1 of the Criminal Code .