Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012 (171 of 2012)

Schedule 1   Fees and costs

Part 1   Amendments

Superannuation Industry (Supervision) Act 1993

33   At the end of section 29VA

Add:

Advice fees

(9) This rule is satisfied if:

(a) the fee is an advice fee that relates directly to financial product advice provided to a member; and

(b) the member holds a MySuper product; and

(c) the fee is charged to the member.

Insurance fees

(10) This rule is satisfied if:

(a) the fee is an insurance fee that relates directly to either or both of the following:

(i) insurance premiums paid by the trustee, or the trustees, of a superannuation entity in relation to a member;

(ii) costs incurred by the trustee, or the trustees, of a superannuation entity in relation to the provision of insurance for a member; and

(b) the member holds a MySuper product; and

(c) the fee is charged to the member.