Commonwealth Numbered Acts

RETIREMENT SAVINGS ACCOUNTS ACT 1997 No. 61, 1997 - SECT 15

(1) An RSA must be maintained to provide one or more of the benefits specified
in subsections (2) and (3). It may also be maintained to provide one or more
of the benefits specified in subsection (4).

(2) The benefits specified in this subsection are benefits for the holder of
the RSA on or after one of, or the earlier of, the following:

   (a)  the holder's retirement from any business, trade, profession,
        vocation, calling, occupation or employment in which the holder was
        engaged (whether the holder's retirement occurred before, or occurred
        after, the holder's account was opened);

   (b)  the holder's attainment of an age not less than the age specified in
        the regulations. Note: A prescribed criterion under paragraph 8(e), or
        an operating standard under section 38, may prevent any benefits being
        provided before the holder attains a specified age.

(3) The benefits specified in this subsection are benefits in respect of the
holder of the RSA on or after the holder's death, if:

   (a)  the death occurred before:

        (i)    the holder's retirement from any business, trade, profession,
               vocation, calling, occupation or employment in which the holder
               was engaged; or

        (ii)   the holder attained the age prescribed for the purposes of
               paragraph (2)(b); and

   (b)  the benefits are provided to the holder's legal personal
        representative, to any or all of the holder's dependants, or to both.
        Note: These benefits may be provided directly from the RSA or from
        policies paid for using money from the RSA.

(4) As long as the RSA is maintained to provide one or more of the benefits
set out in subsections (2) and (3), it may also be maintained to provide one
or more of the following:

   (a)  benefits for the holder on or after the termination of the holder's
        employment with an employer who had, or any of whose associates had,
        at any time, contributed amounts in the account;

   (b)  benefits for the holder on or after the holder's cessation of work, if
        the work was for gain or reward in any business, trade, profession,
        vocation, calling, occupation or employment in which the holder was
        engaged and the cessation is on account of ill-health (whether
        physical or mental); Note: These benefits may be provided directly
        from the RSA or from policies paid for using money from the RSA.

   (c)  benefits in respect of the holder on or after the holder's death, if
        the benefits are provided to the holder's legal personal
        representative, to any or all of the holder's dependants, or to both
        and:

        (i)    the death occurred after the holder's retirement from any
               business, trade, profession, vocation, calling, occupation or
               employment in which the holder was engaged (whether the
               holder's retirement occurred before, or occurred after, the
               account was opened); or

        (ii)   the death occurred after the holder attained the age prescribed
               for the purposes of paragraph (2)(b);

   (d)  such other benefits as the Commissioner approves in writing.