Commonwealth Numbered Acts

RETIREMENT SAVINGS ACCOUNTS ACT 1997 No. 61, 1997 - SECT 62

(1) This section applies where an RSA is provided as the result of an
application by an employer on behalf of an employee.

(2) The employee may, at any time before the end of 14 days after the employee
receives the documents in accordance with section 55, give the RSA provider
written notice that he or she wants to close the RSA and requires the balance
to be transferred to another RSA provided by an RSA institution, or a
superannuation entity, specified in the notice.

(3) If an RSA provider receives a notice under subsection (2), the RSA
provider must, as soon as practicable, and in any case within 28 days, comply
with the request.

(4) The balance to be transferred is the sum of all amounts contributed to the
RSA reduced only by any amounts of taxation paid, or that the RSA provider
will have to pay, in respect of those amounts. No fees may be deducted.

(5) The RSA provider must not, intentionally or recklessly, contravene
subsection (3). Penalty: Imprisonment for 1 year.