Document ID: chunk:federal_register_of_legislation:F2021C00160:body:0:p21
Version: federal_register_of_legislation:F2021C00160
Segment Type: other
Provision Reference: 
Character Range: 55977–59161

(a) for superannuation products—for each MySuper product and each investment option offered by the relevant superannuation entity; and

                (b) for collective investment products—for each investment option offered by the relevant managed investment scheme.

            (2) It may be:

                (a) set out in the table in the Summary; or

                (b) cross‑referenced in the table in the Summary to another section of the Product Disclosure Statement that contains the relevant fees and costs information.

    206 Presentation of multiple fee payment options

        If a superannuation entity has more than 1 option for the payment of fees or if a managed investment scheme has more than 2 options for the payment of fees:

            (a) the number of fee payment options must be set out in the preamble; and

            (b) details of all fee payment options must be set out in the summary.

    207 Column 3—how and when fees and costs are payable

        Column 3 of the summary must set out:

            (a) how the amount is or will be recovered, for example by deduction from:

                 (i) the member's investment balance; or

                 (ii) the assets of the superannuation entity or managed investment scheme; or

                 (iii) contributions; or

                 (iv) withdrawals; and

            (b) the recurrence of the recovery of the amount; and

            (c) the timing of the recovery of the amount.

    208 Other material to be included in the summary

            (1) The summary must clearly indicate which fees and costs are negotiable (for example, by stating in column 3 "The amount of this fee can be negotiated.").

            (2) An indication that a fee or cost is negotiable must be cross‑referenced to an explanation outside the summary in the "Additional Explanation of Fees and Costs" part of the "Fees and other costs" section of the Product Disclosure Statement.

    Division 4—Additional Explanation of Fees and Costs

    209 Matters to be included as Additional Explanation of Fees and Costs

        The following information, if relevant to the particular superannuation product or collective investment product, must be included under the heading "Additional explanation of fees and costs":

            (a) the explanation of the fees mentioned in footnote 3 for superannuation products and footnote 1 for collective investment products;

            (b) information on performance fees including:

                (i) for a superannuation product—a statement about how performance fees affect administration fees and costs and investment fees and costs; and

                (ii) for a collective investment product—details, including the amount, for performance fees chargeable by the responsible entity or operator; and

                (iii) an outline of the method adopted for calculating the performance fees included in the Fees and Costs Summary; and

                (iv) where the amount for performance fees is negative—the negative amount and its effect on fees and costs; and

                (v) the calculated average performance fees for each product or option