Superannuation Industry (Supervision) Act 1993

PART 11A - GENERAL FEES RULES

History

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 .

SECTION 99F COST OF FINANCIAL PRODUCT ADVICE - COLLECTIVELY CHARGED FEES

View history reference

99F(1)
The trustee or the trustees of a regulated superannuation fund must not directly or indirectly pass the cost of providing financial product advice in relation to a member of the fund (the subject member ) on to any other member of the fund, to the extent that:

(a) the advice is provided by:

(i) a trustee of the fund; or

(ii) another person acting as an employee of, or under an arrangement with, a trustee or trustees of the fund; and

(b) the advice is personal advice; and

(c) the advice is provided in any of the following circumstances:

(i) the subject member has not yet acquired a beneficial interest in the fund when the advice is given, and the advice relates to whether the subject member should acquire such an interest;

(ii) the advice relates to a financial product that is not a beneficial interest in the fund, a related pension fund for the member and the fund, a related insurance product for the member and the fund or a cash management facility within the fund;

(iii) the advice relates to whether the subject member should consolidate that member ' s beneficial interests in 2 or more superannuation entities into a beneficial interest in a single superannuation entity;

(iv) at the time the advice is provided, the subject member reasonably expects that a person mentioned in subparagraph (a)(i) or (ii) will periodically review the advice, provide further personal advice or monitor whether recommendations in the original or any later advice are implemented and the results of that implementation;

(v) other prescribed circumstances.

99F(2)
If:

(a) under the governing rules of a regulated superannuation fund (the first fund ):

(i) a member of another regulated superannuation fund (the second fund ) is entitled to become a member of the first fund on the satisfaction of a condition of release of benefits specified in a standard made under paragraph 31(2)(h) ; and

(ii) on becoming a member of the first fund, a pension would be payable out of the assets of the first fund to the member; and

(b) the RSE licensee for the first fund is, or is an associate of, the RSE licensee of the second fund;

then the first fund is a related pension fund of the second fund for a member of the second fund in relation to whom paragraph (a) is satisfied.

99F(3)
If:

(a) the trustee, or the trustees, of a regulated superannuation fund provide a benefit to members of the fund who hold a particular class of beneficial interest in the fund by taking out insurance; and

(b) a person holds a beneficial interest of that class in the fund, or is considering acquiring a beneficial interest of that class in the fund;

a life policy or contract of insurance by which that benefit is or would be provided is a related insurance product for the person and the fund.

99F(4)
In this section:

cash management facility
has the same meaning as it has for the purposes of subsection 946B(1) of the Corporations Act 2001 .

life policy
has the same meaning as in the Life Insurance Act 1995 .

View history note

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