keep Retirement Savings Accounts Amendment Regulations 2010 (No. 1)
Amends Retirement Savings Accounts Regulations 1997 to extend the age limit for RSA contributions from under 65 to under 70, subject to conditions including gainful employment on at least a part-time basis and specific contribution types. Also introduces definition of FHSA (First Home Saver Accounts).
This regulation removes an age-based restriction that prevented Australians aged 65-69 from making contributions to their retirement savings accounts, expanding individual liberty and personal financial choice. The conditions (part-time employment, restricted contribution types) represent reasonable policy parameters rather than excessive paternalism. Deletion would harm older Australians who wish to continue building their retirement savings by reinstating an arbitrary age cutoff that offers no compelling justification.