Superannuation Industry (Supervision) Regulations 1994

PART 9AB - ANNUAL PERFORMANCE ASSESSMENTS ETC.

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Division 9AB.2 - Performance assessments

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REGULATION 9AB.16 MEANING OF BENCHMARK RAFE

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9AB.16(1)
Work out the benchmark RAFE for a Part 6A product in relation to a financial year in accordance with the following subregulations.

9AB.16(2)
First:

(a) if the Part 6A product is a MySuper product - identify all Part 6A products that exist at the end of the year that are MySuper products; or

(b)

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if the Part 6A product is not a MySuper product and is a platform TDP - identify all Part 6A products that exist at the end of the year that are not MySuper products and are platform TDPs; or

(c)

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if the Part 6A product is not a MySuper product and is not a platform TDP - identify all Part 6A products that exist at the end of the year that are not MySuper products and are not platform TDPs.

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9AB.16(2A)

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However, do not include a Part 6A product in the identification under subregulation (2) in relation to the year if the Part 6A product ' s initial quarter starts on a day during the financial year that is not 1 July.

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9AB.16(3)
Next, construct a consecutive sequence of the representative administration fees and expenses for each of the Part 6A products identified under subregulation (2) in relation to the year, where the sequence:

(a) starts with the lowest of those RAFEs; and

(b) proceeds in ascending order of the amount of each of those RAFEs.

9AB.16(4)
Next, work out the result of the following formula:

P = 0.5 × (M + 1)

where:

M
is the number of Part 6A products identified under subregulation (2) .

9AB.16(5)
If P is a whole number, the benchmark RAFE for the Part 6A product in relation to the year is the RAFE that occupies the place in the sequence mentioned in subregulation (3) corresponding to P.

Example: If P = 5, then the benchmark RAFE is the fifth RAFE in that sequence.

9AB.16(6)
If P is not a whole number, determine the benchmark RAFE mentioned in subregulation (1) by using the following formula:

RAFE _PR + [ (RAFE _{PR
+
1} − RAFE _PR ) × 0.5]

where:

PR
is P rounded down to the nearest whole number

RAFE _PR
is the RAFE that occupies the place in the sequence mentioned in subregulation (3) corresponding to PR.

RAFE _{PR
+
1}
is the RAFE that occupies the place in the sequence mentioned in subregulation (3) corresponding to PR + 1.

9AB.16(7)
(Repealed by FRLI No F2023L01063)

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9AB.16(8)
(Repealed by FRLI No F2023L01063)

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History

Reg 9AB.16(8) repealed by FRLI No F2023L01063, reg 4 and Sch 1 item 57, effective 4 August 2023. For transitional provision, see reg 14.36 . Reg 9AB.16(8) formerly read:

RAFE for lifecycle Part 6A products

9AB.16(8)
However, if:
(a) the lifecycle Part 6A product has particular lifestages at the start of the financial year; and
(b) at one or more times during the year, the product starts to have different lifestages;
treat a reference in subregulations (1) to (6) of this regulation to the RAFE for the Part 6A product in relation to the year as being a reference to the amount worked out as follows:

(c) first, divide the year into periods on the following basis:

(i) the first period starts at the start of the year;

(ii) a new period starts each time the product starts to have different lifestages;

(iii) the last period ends at the end of the year;

Note:

Each period, other than the last period, ends immediately before the first time after the start of that period at which there is a change of the lifestages.

(d) then, for each period identified under paragraph (c), work out what is the largest of the RAFEs for the product in relation to the period and each lifestage that the product has during the period;
(e) the RAFE for the Part 6A product in relation to the year is the sum of the RAFEs worked out under paragraph (d).

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