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 .