Commonwealth Numbered Acts

RETIREMENT SAVINGS ACCOUNTS ACT 1997 No. 61, 1997 - SECT 41

(1) Any term or condition in a contract or other agreement providing for a
charge over, or in relation to, an RSA is of no effect.

(2) Benefits provided under an RSA in relation to an RSA cannot be assigned.

(3) An RSA provider must not recognise, or in any way encourage or sanction, a
charge over an RSA or an assignment of benefits provided under an RSA.

(4) A person who intentionally or recklessly contravenes subsection (3) is
guilty of an offence punishable on conviction by a fine not exceeding 100
penalty units.

(5) For the purposes of subsections (1) and (3), a charge includes the placing
of mortgage, lien or other encumbrance on the RSA.