"RSA" has the same meaning as in the Retirement Savings Accounts Act 1997 .

Insert:

(3A)

Subsection (3) does not apply in relation to accounts that are RSAs.

Insert:

(4B)

Subsections (2), (2A), (4) and (4A) do not apply in relation to withdrawals:

(a)

made as a result of a request under paragraph 50(1)(a) of the Retirement Savings Accounts Act 1997 ; or

(b)

made as a result of the death of the person who is the holder of the account for the purposes of the Retirement Savings Accounts Act 1997 ; or

(c)

made under section 83, 84, 89, 195 or 196 of the Retirement Savings Accounts Act 1997 ; or

(d)

that are used to make payments of insurance premiums in accordance with the terms and conditions of the account.

Omit "the account (first occurring)", substitute "an account other than an RSA".

Omit "an account", substitute "an account other than an RSA".

Add:

(8)

This section does not apply in relation to a person (the employer ) in relation to an account if:

(a)

the account is an RSA; and

(b)

the employer made the application for the account on behalf of another person (the employee ) under section 51 of the Retirement Savings Accounts Act 1997 ; and

(c)

the employer is the employer of the employee for the purposes of the Retirement Savings Accounts Act 1997 .