Document ID: chunk:federal_register_of_legislation:F2015L00824:body:0:p8
Version: federal_register_of_legislation:F2015L00824
Segment Type: other
Provision Reference: 
Character Range: 20260–23244

protection.

Life insurance                            Represents a benefit, in respect of each member, that is payable only in the event of the death of the member and which is provided by taking out insurance. Includes: life insurance policies offered through superannuation only and insurance premiums are commissions. Reference: SIS Act, s. 68AA(1)(b).

Total and permanent disability insurance  Represents a benefit, in respect of each member, that is payable only if the member is suffering permanent incapacity. Reference: SIS Act s. 68AA, s. 10(1).

Income protection insurance               Represents the temporary incapacity cover provided to members, where temporary incapacity insurance cover has the meaning given in the SIS Regulations, r. 6.01.

Member opt-out                            Represents where a member has provided an instruction to the RSE licensee to not have insurance cover.

Membership in lifecycle strategy stages

Item 7 collects information about the number of member accounts and value of member benefits in each lifecycle strategy stage for a MySuper product with a lifecycle investment strategy.

Reporting basis: report item 7 as at the end of the reporting period.

Unit of measurement: report column 3 as a whole number and column 4 in thousands of dollars.

Item 7  Report each lifecycle strategy stage as a separate line in item 7. If the MySuper product does not have a lifecycle investment strategy, leave item 7 blank.

        Report the name of the lifecycle strategy stage as reported on Reporting Form SRF 001.0 Profile and Structure (Baseline) (SRF 001.0) in column 1.

        Report the unique identifier of the lifecycle strategy stage as reported on SRF 001.0 in column 2.

        For each lifecycle strategy stage, report the number of member accounts in column 3 and the value of defined contribution members' benefits in column 4.

Interpretation

For the purposes of these instructions:

     * lifecycle strategy stage means a subset of members' interests in a lifecycle investment strategy that has a common asset allocation as identified by the RSE licensee;

     * lifecycle investment strategy has the meaning given in section 29TC(2) of the SIS Act;

     * MySuper product means a MySuper product within the meaning given in section 10(1) of the SIS Act regardless of whether or not it has a lifecycle investment strategy;

     * RSE means a registrable superannuation entity as defined in section 10(1) of the SIS Act;

     * RSE licensee has the meaning given in section 10(1) of the SIS Act;

     * SIS Act means Superannuation Industry (Supervision) Act 1993; and

     * SIS Regulations means Superannuation Industry (Supervision) Regulations 1994.

    [1]  For the purposes of this Reporting Standard, an 'RSE licensee's business operations' includes all activities as an RSE licensee (including the activities of each RSE of which it is the licensee), and all other activities of the