Document ID: chunk:federal_register_of_legislation:F2024C00852:reg:8:p7
Version: federal_register_of_legislation:F2024C00852
Segment Type: reg
Provision Reference: reg 8 (pt 7/8)
Character Range: 18279–20839

them if they had undertaken reasonable enquiries).

6 Exemption for providers of retirement estimates

Exemption
 1.           A trustee of a superannuation entity who provides financial product advice in, or through making available, a retirement estimate to a member of the superannuation entity does not have to comply with:
           (a) the requirement in subsection 911A(1) of the Act to hold an Australian financial services licence covering the provision of that advice; and
           (b) where the trustee is a financial services licensee—Divisions 2, 3 and 4 of Part 7.7 of the Act in relation to that advice.
Where exemption applies
(2) Subject to subsection (4), the exemption in subsection (1) applies to a trustee in relation to a member of the superannuation entity if:
(a)  the member has been a member of the superannuation entity for the year ending on the date of the estimate; and
           (b) the member is not receiving a transition to retirement income stream in relation to the superannuation entity at the date of the estimate; and
           (c) in the case of a retirement estimate that is not an interactive retirement estimate—the superannuation product held by the member is not in the retirement phase at the date of the estimate; and
           (d) where the superannuation product held by the member is not in the retirement phase at the date of the estimate, a contribution has been made into the member's account with the superannuation entity in the 16 months before the date of the estimate; and
           (e) the member has an account balance with the superannuation entity equal to or greater than $6000 at the date of the estimate; and
           (f) the member does not hold a superannuation product that is a defined benefit interest in the superannuation entity.

   Retirement estimate may include an age pension amount
(3) A retirement estimate may include an amount (age pension amount) representing the amount (if any) that would be payable to the member as an age pension on an annual basis.
Exclusion
       (4) The exemption in subsection (1) does not apply to a trustee if 30 days have elapsed since the trustee knew or was reckless with respect to whether there are reasonable grounds to believe that the trustee has failed, other than in an immaterial respect, to comply with a condition of this instrument without full particulars of the failure having been notified to ASIC (to the extent that the trustee knows those particulars or would have known them if they had undertaken reasonable enquiries).