Document ID: chunk:federal_register_of_legislation:F2021C00160:body:0:p26
Version: federal_register_of_legislation:F2021C00160
Segment Type: other
Provision Reference: 
Character Range: 70627–73815

[insert name of balanced investment option or other investment option required by subclause 220(2)]                                                                If you had an investment of $50,000 at the beginning of the year and you put in an additional $5,000 during that year, you would be charged fees and costs in the range of:
                                                                                                                                                                                  $[  ] to $[  ]*
                                                                                                                                                                                  What it costs you will depend on the investment option you choose and the fees you negotiate.

    * Additional fees may apply:

    Establishment fee—$[ ]

    And, if you leave the managed investment scheme early, you may also be charged exit fees of between 0 and [  ]% of your total account balance (between $0 and $[  ] for every $50,000 you withdraw).

    213 Defined benefit funds

        An example of fees and costs is not required in a Product Disclosure Statement for a defined benefit fund.

Note: Defined benefit fund is defined in subregulation 1.03(1) of the SIS Regulations.

    Division 6—How to fill in the Example of Annual Fees and Costs

    214 Fees and costs must be ongoing amounts

        The fees and costs stated in the example must be typical ongoing fees that apply to the MySuper product or investment option.

            Note: The example should not be based on "honeymoon rates". It must be consistent with the statement for an existing member or product holder having the stated balance and level of contributions each year.

    214A Example of Annual Fees and Costs for a MySuper product—lifecycle MySuper product

        If the Example of Annual Fees and Costs for a MySuper product uses a lifecycle MySuper product, the investment fees and costs quoted in the example must be the highest investment fees and costs for a lifecycle stage of the lifecycle MySuper product.

    215 Minimum entry balance rule

        If the minimum balance required to enter a superannuation entity or a managed investment scheme is greater than $50,000, the Example of Annual Fees and Costs must be based on an amount that is the lowest multiple of $50,000 that exceeds the minimum entry balance.

              Example: If a superannuation entity or a managed investment scheme has a minimum entry balance of $65,000, the relevant amount for the Example of Annual Fees and Costs is $100,000.

    216 Exit fees

        If an exit fee may be charged in relation to a collective investment product, the fee must be described in a footnote to the table, based on:

            (a) a balance of $50,000; or

            (b) if clause 215 applies—an amount that is a multiple of $50,000.

    217 Contribution fees

            (1) The amounts of contribution fees to be inserted in the Example of Annual Fees and Costs for a collective investment product, are applied against a $5,000 investment.

            (2) If a Product Disclosure Statement relates to