Document ID: chunk:federal_register_of_legislation:F2021C00160:body:0:p4
Version: federal_register_of_legislation:F2021C00160
Segment Type: other
Provision Reference: 
Character Range: 8435–11330

an insurance fee for a superannuation product if:

            (a) the fee relates directly to either or both of the following:

                (i) insurance premiums paid by the trustee, or the trustees, of a superannuation entity in relation to a member or members of the entity;

                (ii) costs incurred by the trustee, or the trustees, of a superannuation entity in relation to the provision of insurance for a member or members of the entity; and

            (b) the fee does not relate to any part of a premium paid or cost incurred in relation to a life policy or a contract of insurance that relates to a benefit to the member that is based on the performance of an investment rather than the realisation of a risk; and

            (c) the premiums and costs to which the fee relates are not otherwise charged as administration fees and costs, investment fees and costs, transaction costs, a switching fee, an activity fee or an advice fee.

interposed vehicle has the meaning given by clause 101B.

intra-fund advice costs, for a superannuation product in relation to a superannuation entity, means costs incurred by the trustee, or the trustees,  of the entity:

           (a) in making available to all members investing in a particular MySuper product or investment option; and

           (b) in providing to one or more of such members;

financial product advice in relation to the product by:

            (c) a trustee of the entity; or

            (d) another person acting as an employee of, or under an arrangement with, a trustee or trustees of the entity;

           but does not include costs charged as advice fees.

           Note: Certain advice costs may be collectively charged: see section 99F of the Superannuation Industry (Supervision) Act 1993.

investment fees and costs, for a superannuation product, means the fees and costs that relate to the investment of the assets of the superannuation entity to which the product relates and includes:

            (a) fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees); and

            (b) costs that relate to the investment of assets of the entity that are debited from reserves that, in a period, exceed amounts credited to reserves in that period that are also investment fees and costs;

            (c) indirect costs that relate to the investment of assets of the entity;

            but do not include:

            (d) transaction costs and excluded transactional and operational costs; and

            (e) costs that are otherwise charged as administration fees and costs, a buy-sell spread, a switching fee, an activity fee, an advice fee or an insurance fee.

lifecycle MySuper product has the meaning given by regulation 7.9.07N.

lifecycle stage has the meaning given by regulation 7.9.07N.

management fees and costs