Document ID: chunk:federal_register_of_legislation:F2024C00852:reg:7:p1
Version: federal_register_of_legislation:F2024C00852
Segment Type: reg
Provision Reference: reg 7 (pt 1/2)
Character Range: 20841–23926

7       Conditions
(1) A person who relies on an exemption in subsection 5(1) or 6(1) in relation to a superannuation calculator or retirement estimate must take reasonable steps to ensure the following:
           (a) in the case of a superannuation calculator—the superannuation calculator must use the following assumptions:
(i) if the calculator uses a retirement age for the user—the assumed retirement age;
(ii) if the calculator uses a period over which a superannuation account of the user is drawn down—the assumed drawdown period or a drawdown period inputted by the user;
           (b) in the case of a superannuation calculator—the superannuation calculator does not advertise or promote a specific financial product;
           (c) in the case of a retirement estimate—the retirement estimate does not advertise or promote a specific financial product other than to the extent necessary to provide the retirement estimate;
           (d) if the superannuation calculator is an electronic facility or device, or the retirement estimate is an interactive retirement estimate, the facility or device, or interactive retirement estimate:
              (i) enables the user to input or change any and all of the assumptions that are applied in working out the calculation or estimate relating to a financial product other than:
                  (A) in the case of an interactive retirement estimate—statutory assumptions and drawdown assumptions; and
                  (B) in the case of a superannuation calculator—statutory assumptions and assumptions about the manner in which the balance of the user's superannuation account is drawn down (other than assumptions about the retirement age of the user or the length of the drawdown period); and
                  Note 1: If the calculator applies any assumptions about the retirement age of the user or the length of the drawdown period, the calculator must enable the user to input or change those assumptions.
                  Note 2: The calculator or interactive retirement estimate may allow the user to change the assumptions referred to in sub-subparagraphs (A) and (B) but is not required to.
              (ii)  works out or enables the user to work out a calculation or estimate on the basis of the changed assumptions;
           (e) the assumptions applied by the superannuation calculator or retirement estimate, unless inputted or changed by the user, are reasonable for the purpose of working out the calculation or estimate;
           (f) the superannuation calculator or retirement estimate displays to the user in the ordinary course of its use or has printed on it all of the following:
              (i)  a clear and prominent statement about the purpose and limitations of the calculator or estimate;
              (ii) a clear and prominent explanation of the impact of any significant limitation of the calculator or estimate;
              (iii) a clear and prominent statement of the assumptions;
                                 (iv) a clear and prominent statement setting out the present value