Document ID: chunk:federal_register_of_legislation:F2024C00852:reg:8:p1
Version: federal_register_of_legislation:F2024C00852
Segment Type: reg
Provision Reference: reg 8 (pt 1/8)
Character Range: 2220–5149

8       Repeal
Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603.

3 Authority
This instrument is made under paragraphs 926A(2)(a) and 951B(1)(a) of the Corporations Act 2001.

4 Definitions
In this instrument:
Act means the Corporations Act 2001.

       adjusted current contributions means, in relation to a retirement estimate for a member of a superannuation entity, the total contributions (or alternatively, total compulsory contributions) paid into the member's account with the superannuation entity, less contributions tax, and excluding amounts transferred into the member's account with the superannuation entity from an account with another superannuation entity.
administration fee has the same meaning as in section 29V of the Superannuation Industry (Supervision) Act 1993.
age pension means an age pension under Part 2.2 of Chapter 2 of the Social Security Act 1991.
age pension amount has the meaning given to that term in subsection 6(3).
assumed drawdown period means, in relation to a retirement estimate or numerical calculation in relation to a person:
           (a) if it is known that the person has a superannuation product that is in the retirement phase—a period commencing on the date of the retirement estimate or numerical calculation and ending on, or within 12 months before, the later of:
(i) the person reaching 92 years of age; and
(ii) 5 years after the date of the retirement estimate or numerical calculation; and
           (b) otherwise—a period commencing on the date of the person reaching the assumed retirement age and ending on, or within 12 months before, the later of:
(i) the person reaching 92 years of age; and
(ii) 5 years after the date of the person reaching the assumed retirement age.
assumed retirement age, in relation to a person, means:
           (a) if the person has inputted a retirement age, the greater of:
(i) the inputted retirement age; and
(ii) if known, the preservation age for the person; and
           (b) if the person has not inputted a retirement age:
              (i) if it is known that the person has a superannuation product in the retirement phase—their current age; and
              (ii) otherwise:
                  (A) if the age of the person is less than 67 years, or the age of the person is not known—67 years of age; or
                  (B) if the age of the person is 67 years or greater—the age of the person on their next birthday.
calculation means the result of a numerical calculation performed by a superannuation calculator.
current balance means, in relation to a retirement estimate for a member of a superannuation entity, the balance of the member's account with the superannuation entity at