Part 11A inserted by No 171 of 2012, s 3 and Sch 1 item 40, effective 1 January 2013. No 171 of 2012, s 3 and Sch 1 item 41 contains the following application provisions:
41 Application of general fees rules
(1)
Subject to subitems (2) and (3), the amendment made by item 40 of this Schedule applies in relation to:
(a)
fees charged, and costs passed on, to members of regulated superannuation funds and approved deposit funds on and after 1 July 2013; and
(b)
costs attributed to classes of beneficial interest in a regulated superannuation fund on and after 1 July 2013.
(2)
The amendment made by item 40 of this Schedule does not apply to a fee charged, or a cost passed on, to a member of a regulated superannuation fund or an approved deposit fund to the extent that it relates to a life policy if:
(a)
the life policy is one under which contributions and accumulated earnings may not be reduced by negative investment returns or any reduction in the value of assets in which the policy is invested; and
(b)
the member was covered under the life policy immediately before 1 July 2013.
(3)
The amendment made by item 40 of this Schedule does not apply to a fee charged, or a cost passed on, to a member of a regulated superannuation fund or an approved deposit fund to the extent that it relates to an investment account contract if:
(a)
the investment account contract is one under which the only beneficiaries are the member, and relatives and dependants of the member; and
(b)
the investment account contract was in force immediately before 1 July 2013.
(4)
In this item:
investment account contract
has the same meaning as in the
Life Insurance Act 1995
.
life policy
has the same meaning as in the
Life Insurance Act 1995
.
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