Document ID: chunk:federal_register_of_legislation:F2015L01835:schedule:1:p9
Version: federal_register_of_legislation:F2015L01835
Segment Type: schedule
Provision Reference: sch 1 (pt 9/11)
Character Range: 23155–26278

entity; and
                  (ii) are not otherwise charged as an administration fee, a buy-sell spread, a switching fee, an exit fee, an activity fee, an advice fee or an insurance fee.";
    16 After subparagraph 6(f)
Insert:
(fa) in subclause 211:

           (i) in the heading omit "for a MySuper product";

           (ii) omit "generic MySuper product", substitute "[insert name of generic MySuper product or other investment option as required by subclause 220(1)]";

           (iii) in the heading to the table omit "—MySuper product", substitute "[insert name of generic MySuper product or other investment option as required by subclause 220(1)]";

           (iv) omit "MySuper" (wherever else occurring), substitute "superannuation";

           (v) omit the note below the table, substitute:

                "Note: * Additional fees may apply. And, if you leave the superannuation entity, you may be charged an exit fee of $x and a buy/sell spread which also applies whenever you make a contribution, exit, rollover or investment switch.  The buy/sell spread for exiting is y% (this will equal to $z for every $50,000 you withdraw).

                   Note: Substitute the relevant exit fee, buy/sell spread and total amount payable you charge for $x, y% and $z.";

       (fb) in subclause 212:

            (i) in both the heading and the sub-heading omit "balanced investment option", substitute "balanced investment option or other investment option";
            (ii) in the heading to the table omit "—the Balanced Investment Option", substitute "[insert name of balanced investment option or other investment option required by subclause 220(2)].";
             (iii) omit "balanced investment option" (wherever else occurring), substitute "[insert name of balanced investment option or other investment option required by subclause 220(2)].";
    17 Subparagraph 6(g) (notional subclause 221(1))

    Omit, substitute:

    (1) Superannuation products

    DID YOU KNOW?
    Small differences in both investment performance and fees and costs can have a substantial impact on your long term returns.
    For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to 20% over a 30 year period (for example reduce it from $100 000 to $80 000).
    You should consider whether features such as superior investment performance or the provision of better member services justify higher fees and costs.
    You or your employer, as applicable, may be able to negotiate to pay lower fees. Ask the fund or your financial adviser.
    TO FIND OUT MORE
    If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and Investments Commission (ASIC) website (www.moneysmart.gov.au) has a superannuation calculator to help you check out different fee options.

    18 Subparagraph 6(h)
    Omit the full stop at the end of the subparagraph, insert a semi-colon
    19 After subparagraph 6(h)
Insert:
           (i) omit subclause 301(1), substitute:
              "(1)