Document ID: chunk:federal_register_of_legislation:C2015C00151:clause:3_1017ba:p2
Version: federal_register_of_legislation:C2015C00151
Segment Type: clause
Provision Reference: sch 3 cl 1017BA (pt 2/2)
Character Range: 47358–49750

costs in relation to the investment option during the last quarter, expressed as a percentage of the assets of the fund attributable to the investments in that option.
 (4) Subsection (3) does not apply to an investment option within a choice product if:
 (a) the assets of the fund that are invested under the option are invested only in one or more of the following:
 (i) a life policy under which contributions and accumulated earnings may not be reduced by negative investment returns or any reduction in the value of assets in which the policy is invested;
 (ii) a life policy under which the benefit to a member (or a relative or dependant of a member) is based only on the realisation of a risk, not the performance of an investment;
 (iii) an investment account contract the only beneficiaries of which are a member, and relatives and dependants of a member; or
 (b) the sole purpose of the investment option is the payment of a pension to members who have satisfied a condition of release of benefits specified in a standard made under paragraph 31(2)(h) of the Superannuation Industry (Supervision) Act 1993; or
 (c) the assets of the fund that are invested under the option are invested only in another single asset.
 (5) In this section:
choice product has the same meaning as in the Superannuation Industry (Supervision) Act 1993.
fee, in relation to a MySuper product or a choice product offered by a regulated superannuation fund, means a fee (other than an activity fee, an advice fee or an insurance fee within the meaning of the Superannuation Industry (Supervision) Act 1993) that may be charged by the trustee, or the trustees, of the regulated superannuation fund in relation to the product under that Act.
investment account contract has the same meaning as in the Life Insurance Act 1995.
life policy has the same meaning as in the Life Insurance Act 1995.
member, in relation to a regulated superannuation fund, has the same meaning as in the Superannuation Industry (Supervision) Act 1993.
MySuper product has the same meaning as in the Superannuation Industry (Supervision) Act 1993.
pension has the same meaning as in the Superannuation Industry (Supervision) Act 1993.
quarter has the same meaning as in the Superannuation Industry (Supervision) Act 1993.
regulated superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993.