Document ID: chunk:federal_register_of_legislation:F2024C00852:reg:7:p2
Version: federal_register_of_legislation:F2024C00852
Segment Type: reg
Provision Reference: reg 7 (pt 2/2)
Character Range: 23614–26042

or estimate;
              (ii) a clear and prominent explanation of the impact of any significant limitation of the calculator or estimate;
              (iii) a clear and prominent statement of the assumptions;
                                 (iv) a clear and prominent statement setting out the present value of the calculation or estimate and identifying that the amount is the present value of the calculation or estimate;
               (v) a clear and prominent statement to the effect that the superannuation calculator or retirement estimate is not intended to be relied on for the purpose of making a decision in relation to a financial product and that users should consider obtaining advice from a financial services licensee before making any financial decisions;
           (g)  the superannuation calculator or retirement estimate displays to the user (including because of a step taken by the user) or has printed on it an explanation of why the assumptions (unless inputted or changed by the user) are reasonable for the purpose of working out the calculation or estimate;
           (h)  if the superannuation calculator is an electronic facility or device or the retirement estimate is an interactive retirement estimate—the calculator or estimate does not prevent the user from readily printing or electronically storing the calculation or estimate;
           (i) the person keeps a functioning copy of the superannuation calculator or facility, device, table or other thing that is used to calculate the retirement estimate for 7 years from when the superannuation calculator or retirement estimate is last made available;
           (j) in the case of a retirement estimate—the retirement estimate must:
(i)  either:
                  (A) be included in or with a periodic statement given to the member; or
                  (B)   be included on the member's online portal; and
(ii) other than a numerical confidence level or interval relating to an interactive retirement estimate, not specify other amounts or figures representing or purporting to represent the member's expected retirement benefit (however described).
(2)  A statement or explanation required under paragraph (1)(f) or (g) must contain as much detail as a retail client using the superannuation calculator or retirement estimate would reasonably expect to find having regard to the nature of the calculator or estimate.

Part 3—Repeal