Superannuation Industry (Supervision) Regulations 1994

PART 9AB - ANNUAL PERFORMANCE ASSESSMENTS ETC.  

Division 9AB.2 - Performance assessments  

REGULATION 9AB.11   MEANING OF ACTUAL RETURN - STANDARD PART 6A PRODUCTS  

9AB.11(1)    
This regulation applies to standard Part 6A products.

9AB.11(2)    

The actual return , for a Part 6A product for a lookback period for the product in respect of a financial year, is the amount calculated using the following formula, rounded to 10 decimal places (rounding up if the eleventh decimal place is 5 or more):

9AB.11_2_formula_new
          

where:

n
means the number of quarters in the lookback period, divided by 4.

NIR
(Repealed by FRLI No F2023L01063)

return
, in relation to a quarter, means:

(a) if paragraph (b) does not apply - the Part 6A product ' s net investment return in relation to the quarter for the Part 6A product ' s standard fees and costs arrangement in relation to the quarter; or

(b) if it is not possible to identify the Part 6A product ' s net investment return in relation to the quarter from information available to APRA, but it is possible to identify the Part 6A product ' s gross investment return net of fees in relation to the quarter from information available to APRA - the Part 6A product ' s gross investment return net of fees in relation to the quarter for the Part 6A product ' s standard fees and costs arrangement in relation to the quarter.

t
represents a quarter in a consecutive sequence of quarters, where if t = 1, the quarter is the first quarter that starts in the lookback period.

Trustee-directed products

9AB.11(3)    

Subregulation (4) applies if:

(a)    the Part 6A product is a trustee-directed product; and

(b)    at the end of a quarter in the lookback period, there are no member assets supporting the Part 6A product that are referable to any of the investment pathways of the Part 6A product.

9AB.11(4)    

Treat the return (as defined in subregulation (2) ), in relation to the quarter, as zero.

9AB.11(5)    

Subregulation (6) applies if:

(a)    the Part 6A product is a trustee-directed product that has 2 or more net investment returns or gross investment returns net of fees in relation to a quarter in the lookback period; and

(b)    subregulation (4) does not apply in relation to the quarter.

9AB.11(6)    

For the purposes of subregulation (2) , treat the return (as defined in subregulation (2) ), in relation to the quarter, as being the amount worked out under subregulation (7) .

9AB.11(7)    

For the purposes of subregulation (6) , work out the amount as follows:

(a)    first, work out a separate return (as defined in subregulation (2) ) in relation to the quarter for each investment pathway of the Part 6A product, on the assumptions that:

(i) references in that definition to net investment return and gross investment return net of fees were references to such amounts to the extent that they relate to each investment pathway of the Part 6A product; and

(ii) references in that definition to the Part 6A product ' s standard fees and costs arrangement were references to each investment pathway ' s standard fees and costs arrangement;

(b)    next, disregard any return worked out in accordance with paragraph (a) for an investment pathway of the Part 6A product, if there are no member assets supporting the Part 6A product that are referable to the investment pathway;

(c)    next, identify the smallest of the returns worked out in accordance with paragraphs (a) and (b) .