Document ID: chunk:federal_register_of_legislation:F2024C00852:reg:8:p6
Version: federal_register_of_legislation:F2024C00852
Segment Type: reg
Provision Reference: reg 8 (pt 6/8)
Character Range: 15589–18554

of superannuation pensions and the rate of compulsory superannuation contributions.

       superannuation calculator means a facility, device, table or other thing provided by a person (the provider) that works out a numerical calculation or finds out the result of a numerical calculation relating to a superannuation product, but does not use information the provider knows about a user unless the information has been inputted by the user.
Note 1: The facility, device, table or other thing will not be a superannuation calculator to the extent that its output goes beyond the numerical result of a calculation and a description of what that result is. For example, an electronic facility will not be a superannuation calculator to the extent that it makes a recommendation about a particular financial product.
           Note 2: A superannuation calculator may relate to something else (whether or not a financial product) in addition to relating to a superannuation product (e.g. a superannuation calculator may also relate to the age pension).
total administration fees means, in relation to a retirement estimate for a member of a superannuation entity, the amount of administration fees payable in relation to the member's account with the superannuation entity.
transition to retirement income stream has the same meaning as in subregulation 6.01(2) of the Superannuation Industry (Supervision) Regulations 1994.
trustee means the trustee of a superannuation entity.
           user means:
           (a) in relation to a superannuation calculator—a person who uses the calculator; and
           (b) in relation to a retirement estimate for a member of a superannuation entity—the member.

Part 2—Exemptions

5 Exemption for providers of superannuation calculators

Exemption
(1) A person who provides financial product advice through, or through making available, a superannuation calculator does not have to comply with:
           (a) the requirement in subsection 911A(1) of the Act to hold an Australian financial services licence covering the provision of that advice; and
           (b) where the person is a financial services licensee—Divisions 2, 3 and 4 of Part 7.7 of the Act in relation to that advice.
Exclusion
       (2) The exemption in subsection (1) does not apply to a person if 30 days have elapsed since the person knew or was reckless with respect to whether there are reasonable grounds to believe that the person has failed, other than in an immaterial respect, to comply with a condition of this instrument without full particulars of the failure having been notified to ASIC (to the extent that the person knows those particulars or would have known them if they had undertaken reasonable enquiries).

6 Exemption for providers of retirement estimates

Exemption
 1.           A trustee of a superannuation entity who provides financial product advice in, or through making available, a retirement estimate to a member of the