Document ID: chunk:federal_register_of_legislation:F2021C00160:body:0:p35
Version: federal_register_of_legislation:F2021C00160
Segment Type: other
Provision Reference: 
Character Range: 95701–98685

the Note in subclause 8(1) of Schedule 10D, substitute:
               Note: The statement will be made using the Fees and Costs Summary in accordance with subclause (3).
            (i) omit subclause 8(3) of Schedule 10D, substitute:

               (3) Section 6 must set out the fees and costs for each MySuper product or other investment option that is presented in section 5 in detail in accordance with subclause 7(3) in the form of the following Fees and Costs Summary:

          Fees and costs summary
[Name of superannuation product]
Type of fee or cost                     Amount     How and when paid
Ongoing annual fees and costs1
Administration fees and costs
Investment fees and costs2
Transaction costs
Member activity related fees and costs
  Buy‑sell spread
  Switching fee
  Other fees and costs3

              1. If your account balance for a product offered by the superannuation entity is less than $6,000 at the end of the entity's income year, certain fees and costs charged to you in relation to administration and investment are capped at 3% of the account balance. Any amount charged in excess of that cap must be refunded.

              2. [Where the amount for performance fees is zero or positive, insert a footnote Investment fees and costs includes an amount of x.xx% for performance fees. The calculation basis for this amount is set out under "Additional explanation of fees and costs". Where the amount for performance fees is negative, insert a footnote Information about performance fees is set out under "Additional explanation of fees and costs"]

              3. [If there are other fees and costs, such as activity fees, advice fees for personal advice or insurance fees, include a cross‑reference to the "Additional explanation of fees and costs".]
            (j) in subclause 8(4) of Schedule 10D, omit "template", substitute "Fees and Costs Summary";
            (k) in paragraph 8(6) of Schedule 10D, omit "template", substitute "Fees and Costs Summary";
            (l) omit paragraph 8(6A)(a) of Schedule 10D, substitute:
                "(a) apply, adopt or incorporate the definitions in relation to fees mentioned in subsection 99BA(2) of the SIS Act or clause 209A of Schedule 10; and";
            (m) in subclause 8(7) of Schedule 10D, omit "a worked example", substitute "an Example of Annual Fees and Costs";
            (n) in subclause 8(7A) of Schedule 10D, omit "The example", substitute "the Example of Annual Fees and Costs";
            (o) omit the Note in subclause 8(1) of Schedule 10E, substitute:
               Note: The statement will be made using the Fees and Costs Summary in accordance with subclause (3).
            (p) omit subclause 8(3) of Schedule 10E, substitute:

               (3) Section 6 must set out the fees and costs for each investment option that is presented in section 5 in detail in accordance with subclause 7(3) in the form of the following Fees and Costs Summary:

            Fees