Commonwealth Consolidated Acts

RETIREMENT SAVINGS ACCOUNTS ACT 1997 - SECT 8

             (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 .