Document ID: chunk:federal_register_of_legislation:F2021C00160:body:0:p24
Version: federal_register_of_legislation:F2021C00160
Segment Type: other
Provision Reference: 
Character Range: 64449–67354

insurance fee.

        Buy‑sell spreads

        A buy‑sell spread is a fee to recover costs incurred by the trustee [OR the trustees] of the superannuation entity in relation to the sale and purchase of assets of the entity.

        Exit fees

        An exit fee is a fee, other than a buy-sell spread, that relates to the disposal of all or part of a member's interests in a superannuation entity.

        Investment fees and costs

        Investment fees and costs are fees and costs that relate to the investment of the assets of a superannuation entity 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 incurred by the trustee [OR the trustees] of the entity that:

                (i) relate to the investment of assets of the entity; and

                (ii) are not otherwise charged as administration fees and costs, a buy-sell spread, a switching fee, an activity fee, an advice fee or an insurance fee.

        Switching fees

        [In the case of a MySuper product:]

        A switching fee for a MySuper product is a fee to recover the costs of switching all or part of a member's interest in a superannuation entity from one class of beneficial interest in the entity to another.

        [In the case of a superannuation product that is not a MySuper product:]

        A switching fee for a superannuation product other than a MySuper product, is a fee to recover the costs of switching all or part of a member's interest in the superannuation entity from one investment option or product in the entity to another.

            Note: If a Product Disclosure Statement covers both a MySuper product and another superannuation product, both definitions of switching fee must be included.

        Transaction costs

        Transaction costs are costs associated with the sale and purchase of assets of the superannuation entity other than costs that are recovered by the superannuation entity charging buy-sell spreads.

    Division 5—Example of Annual Fees and Costs

    210 Example of Annual Fees and Costs

        The Example of Annual Fees and Costs:

            (a) must contain fees and costs in accordance with the table in clause 211 or 212; and

            (b) must be set out using the headings and the form in clause 211 or 212; and

            (c) must be included in the "Fees and other costs" section of a Product Disclosure Statement, following the Fees and Costs Summary.

    211 Superannuation products—Example of Annual Fees and Costs

        Example of annual fees and costs for a superannuation product

        This table gives an example of how the ongoing annual fees and costs for the [insert name of generic MySuper product or other investment option as required by subclause 220(1)] for this superannuation product can