EMBARGO:7.30pm Tuesday, 20 August 1996
The Government has decided to allow banks, building societies, credit unions and life insurance companies (life offices) to provide superannuation without a trust structure in the form of Retirement Savings Accounts (RSAs). RSAs will be required to be 'capital guaranteed'. The accounts, into which a member and/or an employer on the member's behalf will be able to make deposits, will be fully portable, owned and controlled by the member, and subject to the retirement income standards of superannuation products, including preservation. RSAs will also be able to accept superannuation contributions on behalf of non-working and low income spouses.
This press release (9 pages) is available to download in Adobe Portable Document Format (PDF) or Word6 format (click on either icon below to download);
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CANBERRA 20 August 1996
