Document ID: chunk:federal_register_of_legislation:F2024L00940:body:0:p5
Version: federal_register_of_legislation:F2024L00940
Segment Type: other
Provision Reference: 
Character Range: 11543–14668

being, or are unlikely to be, achieved, using key performance indicators and triggers determined for this purpose.
    24.         An RSE licensee must set triggers that identify to an RSE licensee the need to commence taking action to improve outcomes expected to be achieved for beneficiaries or to commence preparation for a transfer of beneficiaries. These triggers must, at a minimum, include failing or expecting to fail the legislated annual performance assessment in section 60C(2) of the SIS Act.

Business performance review
    25.         An RSE licensee must, on an annual basis, review its performance in achieving its strategic objectives, informed by the RSE licensee's monitoring of key performance indicators and triggers. The results of the review must be used to improve the RSE licensee's business operations for the benefit of beneficiaries.
26.         An RSE licensee's business performance review must assess and demonstrate, at a minimum:
       (a)          whether the strategic objectives are being met, including an explanation of what has driven this assessment;
       (b)          the outcomes achieved for beneficiaries, having regard to:
           (i)            different cohorts of beneficiaries, including beneficiaries who are retired or approaching retirement (and sub-classes of those beneficiaries)[11];
           (ii)         objective internal and external benchmarks; and
           (iii)       the outcomes assessments under section 52(9) of the SIS Act, including having regard to the latest determinations (if any) made by APRA under section 60C(2) of the SIS Act that relate to the product.

Annual outcomes assessment
    27.         An RSE licensee must, at a minimum, document the methodology applied in undertaking the annual outcomes assessment under section 52(9) of the SIS Act, including:
       (a)          how the RSE licensee has balanced the factors it must have regard to under sections 52(10) or (10A) and section 52(11) of the SIS Act and any benchmarks under the Superannuation Industry (Supervision) Regulations 1994 (the SIS Regulations) in making its overall determination(s) under section 52(9); and
       (b)          how the RSE licensee has determined the products it will use for the purposes of comparing its MySuper or choice products.
    28.         For the purposes of comparing a MySuper product with other MySuper products under section 52(9)(a)(i) of the SIS Act, an RSE licensee must calculate the comparison factors as follows:
       (a)          for section 52(10)(a)-(b) of the SIS Act, use the methodologies set out in Reporting Standard SRS 705.0 Components of Net Return and Reporting Standard SRS 705.1 Investment Performance and Objectives; and
       (b)          for section 52(10)(c) of the SIS Act, use the methodology set out in Reporting Standard SRS 700.0 Product Dashboard.
    29.         Pursuant to section 52(11)(e) of the SIS Act, in determining whether the financial interests of beneficiaries of the RSE who hold a MySuper product or choice product are being promoted, an RSE licensee must also assess the following