Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 (155 of 2013)

Schedule 1   Amendments relating to MySuper

Corporations Regulations 2001

67   Clause 301 of Schedule 10

Repeal the clause, substitute:

301 Indirect costs related to investment and administration of accounts

(1) The following text and the appropriate amount, in dollars, must be inserted after the part of the periodic statement that itemises transactions during the period.

Indirect costs of your investment

This approximate amount has been deducted from your investment and includes amounts that have reduced the return on your investment but are not charged directly to you as a fee.

(2) The amount inserted must include:

(a) for a MySuper product or an investment option offered by a superannuation entity - the indirect costs for the MySuper product or investment option; and

(b) for an investment option offered by a managed investment scheme - all management costs not deducted directly from a product holder’s account during the reporting period.

(3) The amount must be shown as a single total amount in dollars.

(4) The amount for a managed investment product must be calculated by multiplying the indirect cost ratio for the relevant investment option by the product holder’s average account balance for the option over the reporting period.