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 .