Commonwealth Numbered Regulations

1997 No. 116 RETIREMENT SAVINGS ACCOUNTS REGULATIONS - REG 2.06

2.06. (1) For the purposes of section 53 of the Act, the information that the
RSA institution must be satisfied has been received by a person before the
person becomes an RSA holder comprises each of the following items of
information so far as they are applicable:

   (a)  the name, ACN or ARBN and contact details of the RSA provider;

   (b)  a statement:

        (i)    that outlines the effect of the lower-risk/ lower-return nature
               of the RSA on possible benefits in the long term; and

        (ii)   that there are other superannuation arrangements that may
               provide a greater return over the long term; and

        (iii)  that the person may wish to seek information about the rates of
               return of those superannuation arrangements;

   (c)  if the terms and conditions of the RSA meet the standards of
        subregulation 1.07 (2), or of 1.05 (4) of the SIS Regulations - a
        statement that:

        (i)    the amount that the RSA holder can take out each year is
               subject to minimum and maximum limits set by the Government;
               and

        (ii)   an allocated pension or allocated annuity may not provide an
               income stream for the rest of the RSA holder's life; and

        (iii)  payments will only be made while there is money in the RSA;

   (d)  a brief statement on the benefits that the person may become entitled
        to on becoming an RSA holder;

   (e)  a brief statement of who may contribute to the RSA;

   (f)  a brief statement of when benefits are payable;

   (g)  a brief statement that, subject to any notice period, the amount of
        the RSA may be transferred at any time to:

        (i)    another RSA provided by an RSA institution; or

        (ii)   a superannuation entity or regulated exempt public sector 
               superannuation scheme; or

        (iii)  a deferred annuity;

   (h)  if there is an insured benefit - the name of the company taking the
        insurance risk;

   (i)  a brief statement of the taxation of the RSA and benefits;

   (j)  if a fixed-rate option is, or fixed-rate options are, offered by the
        RSA provider in relation to the whole, or a part, of an RSA - a
        statement of the net rate of interest of each fixed-rate option and
        the term to which that net rate of interest applies; and

   (k)  if a variable-rate option is, or variable-rate options are, offered by
        the RSA provider in relation to the whole, or a part, of an RSA:

        (i)    a statement of the current rate of interest of each variable-
               rate option offered; and

        (ii)   a statement that the rate, or rates, of interest may increase
               or decrease over time; and

        (iii)  the annual actual or notional rate of net interest applied
               under similar variable-rate options offered by the RSA provider
               for each year of the previous 5 years; and

        (iv)   the compound average of the annual actual or notional rate of
               net interest applied under similar variable-rate options
               offered by the RSA provider for each year of the previous 5
               years; and

        (v)    a statement that past interest are not an indicator of future
               interest;

   (l)  a summary of fees and charges that may be charged directly to the RSA;

   (m)  a brief statement about the effect of the RSA 
        holder-protection standards;

   (n)  if fees and charges are deducted before interest is credited to the
        RSA - a statement to the effect that interest is paid net of all
        expenses;

   (o)  details (in summary form) of arrangements that the RSA provider has to
        deal with inquiries or complaints;

   (p)  details of the existence and (in outline terms) the functions of the
        Superannuation Complaints Tribunal;

   (q)  a statement of the circumstances in which the RSA provider will pay
        the RSA holder's benefits to an eligible rollover fund, the effect of
        that payment and the contact details of the eligible rollover fund;

   (r)  a statement that further information is available on request.

(2) If a variable-rate option has not been in existence for 5 years, the
references in subparagraphs (1) (k) (iii) and (iv) to 5 years are taken to be
references to the whole period of existence of the option.

(3) The information mentioned in subparagraphs (1) (k) (iii) and (iv), must
not have been first published or issued by the RSA institution more than 15
months before the date the information was given to the person.

(4) A reference in subparagraphs (1) (k) (iii) and (iv) to similar
variable-rate options offered by the RSA provider includes a reference to
variable at-call deposits offered by that RSA provider or by a capital
guaranteed life policy, if the RSA provider did not offer similar
variable-rate options for each year of the previous 5 years.