Document ID: chunk:federal_register_of_legislation:F2015L01008:body:0:p9
Version: federal_register_of_legislation:F2015L01008
Segment Type: other
Provision Reference: 
Character Range: 23155–26559

ten years of history do not exist.

Item 2                                      For each date reported in item 2 column 1, report the 'moving average return target'[15] for the non-lifecycle MySuper product or the 'moving average return target' for the lifecycle stage of a lifecycle MySuper product, as relevant, in column 4.

column 4                                    Calculate the 'moving average return target' in column 4 as follows.

                                            For each year in column 1 and the prior ten years, calculate an 'actual target' as the sum of:

                                                (1)          the return target for that year as either:

                                                   (a)          the return target that existed for that year where the return target is calculated in accordance with item 1; or

                                                   (b)          where no return target existed for a given year, use the return target that existed closest to that year that is calculated in accordance with item 1; and

                                                (2)          the annual growth in CPI as reported by the Australian Bureau of Statistics in catalogue 6401.0 Consumer Price Index, Australia, data series ID A2325847F: Percentage change from corresponding quarter of previous year; All Groups CPI, Australia.

                                            Calculate the ten year 'moving average return target' as the moving average of the actual target for each year reported in item column 1 as:

                                            Where:

                                                 * t is the year reported in item 2 column 1; and

                                                 * ActualTargett-i is the actual target for year t-i where i = 0,...,9 (i.e. year t, t-1, t-2,…, t-9).

Net investment return                       Represents the time-weighted rate of return on investments, net of investment fees, indirect cost ratio investment costs, other investment costs and taxes on investment income, adjusted for cash flows as they occur.

Representative member                       Represents a member who is fully invested in the given investment option, who does not incur any activity fees during a year and who has an account balance of $50,000 throughout that year. Excludes: investment gains/losses on the $50,000 balance.

Administration fees                         Represents a fee within the meaning given in s. 29V(2) of the SIS Act, gross of tax obligations, that relates to the administration or operation of the fund.

Indirect cost ratio                         Represents the ratio of the total of the indirect costs for a MySuper product or an investment option, to the total average net assets of the superannuation entity attributed to the MySuper product or investment option. Reference cl. 104(1) of Schedule 10 to the Corporations Regulations.

Indirect cost ratio administration costs    Represents the portion of the indirect cost ratio relating to administration costs. These costs must be shown gross of tax obligations.

Other administration costs                  Represents costs associated with administration charged to a member by way of a reduction in returns, deduction from contributions or deduction from account balance, but which were not explicitly disclosed in