Retirement Savings Account modification declaration No. 1 of 2007
as amended
made under section 177 of the
Retirement Savings Accounts Act 1997
This compilation was prepared on 3 September 2009
taking into account amendments up to Retirement Savings Account modification declaration No. 2 of 2007
Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General’s Department, Canberra
I, Wayne Byres, a delegate of APRA, under section 177 of the Retirement Savings Accounts Act 1997 (the Act), DECLARE that regulation 5.03 of the Regulations has effect in relation to the class of persons described in the attached Schedule as if it were modified as specified in the attached Schedule.
The declaration comes into force upon registration on the Federal Register of Legislative Instruments.
Dated 19 November 2007
[Signed]
Wayne Byres
Executive General Manager
Diversified Institutions Division
Interpretation
In this instrument
APRA means the Australian Prudential Regulation Authority.
Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.
Regulations means the Retirement Savings Accounts Regulations 1997.
Note 1 This instrument is a legislative instrument for the purposes of the Legislative Instruments Act 2003 (the LIA) (see section 5 of the LIA). Under section 56 of the LIA, the obligation under section 180 of the Act, to publish this exemption in the Gazette, is satisfied by its registration on the Federal Register of Legislative Instruments.
Note 2 Under paragraph (l) of the definition of reviewable decision in section 16 of the Act, the decision to make this declaration is a reviewable decision. If you are dissatisfied with this decision, you may request APRA to reconsider it in accordance with subsection 189(1) of the Act. The request for reconsideration must be made in writing, must set out the reasons for making the request, and must be given to APRA within 21 days after the day on which you first received notice of this decision, or within such further period as APRA allows. If you are dissatisfied with the outcome of APRA’s reconsideration of the decision, you may, subject to the Administrative Appeals Tribunal Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision.
Note 3 The address where the request for reconsideration referred to in this instrument may be given to APRA, is Level 26, 400 George Street, Sydney, NSW 2000.
Schedule - the class of persons to whom this declaration applies
RSA institutions
Schedule - the manner in which the specified modifiable provision is modified
Subregulation 5.03(4) of the Regulations is modified by:
1. replacing the word “and” at the end of subparagraph (a)(ii) with the word “or”
2. inserting after subparagraph (a)(ii):
“(iii) the amount was a government co-contribution payment in respect of an RSA holder contribution, where the RSA holder contribution was made prior to 1 July 2007; and”
Notes to the Retirement Savings Account modification declaration No. 1 of 2007
Note 1
The Retirement Savings Account modification declaration No. 1 of 2007 (in force under section 177 of the Retirement Savings Accounts Act 1997) as shown in this compilation is amended as indicated in the Tables below.
Table of Instruments
Year and
Number | Date of FRLI registration | Date of
commencement | Application, saving or
transitional provisions |
No. 1 of 2007 | 20 Nov 2007 (see F2007L04412) | 20 Nov 2007 | |
No. 2 of 2007 | 14 Dec 2007 (see F2007L04642) | 14 Dec 2007 | — |
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted |
Provision affected | How affected |
First occurring schedule............... | am. No. 2 of 2007 |
Second occurring schedule............ | am. No. 2 of 2007 |
Overview
The Retirement Savings Account modification declaration No. 1 of 2007, made under section 177 of the Retirement Savings Accounts Act 1997, addresses specific modifications to the Retirement Savings Accounts Regulations 1997. This legislative instrument, prepared by the Office of Legislative Drafting and Publishing, Attorney-General’s Department, was issued by Wayne Byres, a delegate of the Australian Prudential Regulation Authority (APRA). The primary objective of this declaration is to adjust the regulations concerning Retirement Savings Accounts (RSA) to ensure compliance with the Act. The modifications, which come into effect upon registration on the Federal Register of Legislative Instruments, include amendments to subregulation 5.03(4) to clarify certain conditions related to government co-contribution payments. This legislative instrument is essential for maintaining the integrity and effectiveness of retirement savings provisions in Australia.
Scope and Application
The Retirement Savings Account Modification Declaration No. 1 of 2007, issued under section 177 of the Retirement Savings Accounts Act 1997, applies to Retirement Savings Account (RSA) institutions. This legislative instrument modifies subregulation 5.03(4) of the Retirement Savings Accounts Regulations 1997, altering the criteria for counting contributions in RSAs. Specifically, it replaces the word "and" with "or" at the end of subparagraph (a)(ii), and adds a new subparagraph (iii) to include government co-contribution payments made in respect of RSA holder contributions prior to 1 July 2007. The modification comes into effect upon its registration on the Federal Register of Legislative Instruments. This declaration is a reviewable decision under the Act, allowing for reconsideration requests and potential tribunal review if dissatisfied with the outcome. The declaration's application is confined to RSA institutions, with no broader jurisdictional reach beyond what is specified in the Retirement Savings Accounts Act 1997 and its subordinate regulations.
Key Provisions
The Retirement Savings Account modification declaration No. 1 of 2007, made under section 177 of the Retirement Savings Accounts Act 1997, modifies regulation 5.03 of the Retirement Savings Accounts Regulations 1997. Specifically, the declaration modifies subregulation 5.03(4) by replacing the word “and” with “or” at the end of subparagraph (a)(ii), and by inserting a new subparagraph (a)(iii) that includes a condition regarding government co-contribution payments for RSA holder contributions made prior to 1 July 2007 (Schedule). The declaration applies to RSA institutions as described in the attached Schedule (Schedule). This legislative instrument comes into force upon registration on the Federal Register of Legislative Instruments (s. 177).
Entities governed by the Retirement Savings Accounts Act 1997, specifically RSA institutions, are required to comply with the modifications outlined in the declaration. These institutions must ensure that their practices align with the updated regulation 5.03, which now includes the condition regarding government co-contribution payments for contributions made before 1 July 2007 (Schedule). The Australian Prudential Regulation Authority (APRA), as the body responsible for financial regulation, oversees the implementation and compliance of these modifications.
Failure to comply with the provisions of the Retirement Savings Accounts Act 1997 and its regulations, including the modifications specified in this declaration, may result in enforcement actions. APRA may take administrative, civil, or criminal measures against non-compliant entities. The specific consequences, including potential penalties, depend on the nature and severity of the breach. The Act does not specify maximum penalties within the declaration itself, but violations could lead to fines, corrective actions, or other sanctions as determined by APRA or under the relevant legal framework.