Document ID: chunk:federal_register_of_legislation:C2025C00134:section:52:p6
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 52 (pt 6/6)
Character Range: 373923–375989

beneficiaries;
 (c) whether the insurance strategy for the product is appropriate to those beneficiaries;
 (d) whether any insurance fees charged in relation to the product inappropriately erode the retirement income of those beneficiaries;
 (e) any other relevant matters, including any matters set out in the prudential standards.

Covenants relating to regulated superannuation funds—promoting financial interests of beneficiaries
 (12) If the entity is a regulated superannuation fund (other than a regulated superannuation fund with no more than 6 members), the covenants referred to in subsection (1) include a covenant by each trustee of the entity to promote the financial interests of the beneficiaries of the entity who hold a MySuper product or a choice product, in particular returns to those beneficiaries (after the deduction of fees, costs and taxes).

Covenants relating to regulated superannuation funds—MySuper products
 (13) If the entity is a regulated superannuation fund that offers a MySuper product, the covenants referred to in subsection (1) include the following covenants by each trustee of the entity:
 (a) to include in the investment strategy for the MySuper product the details of the trustee's determination of the matters mentioned in paragraph (9)(a);
 (b) to include in the investment strategy for the MySuper product, and update each year:
 (i) the investment return target over a period of 10 years for the assets of the entity that are attributed to the MySuper product; and
 (ii) the level of risk appropriate to the investment of those assets.

Covenants relating to regulated superannuation funds—failing annual performance assessments
 (14) If the entity is a regulated superannuation fund (other than a regulated superannuation fund with no more than 6 members), the covenants referred to in subsection (1) include the following covenants by each trustee of the entity:
 (a) to comply with subsection 60E(2) (notifying beneficiaries);
 (b) to comply with subsection 60F(2) (consequences of 2 consecutive fail assessments).