Superannuation Industry (Supervision) Amendment (Your Future, Your Super - Addressing Underperformance in Superannuation) Regulations 2023 (F2023L01063)

Schedule 1   Main amendments

Superannuation Industry (Supervision) Regulations 1994

51   Subregulation 9AB.14(9)

Repeal the subregulation, substitute:

(9) Despite subregulation (2), the benchmark return , for the Part 6A product for the lookback period for the product in respect of the year, is the amount calculated using the formula in subregulation (2), as modified in the way specified in the following determination:

(a) if only subparagraph (8)(b)(i) applies - the determination mentioned in that subparagraph;

(a) if only subparagraph (8)(b)(ii) applies - the determination mentioned in that subparagraph;

(b) if both subparagraphs (8)(b)(i) and (ii) apply - the determination mentioned in subparagraph (8)(b)(i).

(9A) For the purposes of subparagraph (8)(b)(i), APRA may, by legislative instrument, make a determination that:

(a) specifies classes of Part 6A products and quarters; and

(b) specifies modifications of the formula in subregulation (2) that APRA considers are reasonably necessary to reflect the circumstances mentioned in paragraph (8)(a) in respect of the specified classes of Part 6A products and quarters.