Corporations Amendment Regulations 2003 (No. 8) (282 of 2003)

Schedule 3   Amendments commencing on 1 July 2004

[6]   After regulation 7.9.19

insert

7.9.19A Specific requirements for periodic statements: superannuation funds (other than self managed superannuation funds) and RSAs

(1) This regulation applies to:

(a) a periodic statement for a superannuation product, given to a member of a superannuation fund (other than a self managed superannuation fund), that relates to a reporting period (within the meaning of subsection 1017D (2) of the Act) commencing on or after 1 July 2004; or

(b) a periodic statement for an RSA product, given to an RSA holder, that relates to a reporting period (within the meaning of subsection 1017D (2) of the Act) commencing on or after 1 July 2004.

(2) For paragraph 1017D (5) (g) of the Act, the periodic statement must include the following details:

(a) the issuer's contact details;

(b) the amount of the withdrawal benefit for the product holder at the start of the reporting period;

(c) the following information about the withdrawal benefit for the product holder at the end of the reporting period:

(i) the amount of the withdrawal benefit;

(ii) the method by which that amount was worked out;

(iii) the amount of the withdrawal benefit (if any) that consists of preserved benefits;

(iv) the amount of the withdrawal benefit (if any) that consists of restricted non-preserved benefits;

(v) the amount of the withdrawal benefit (if any) that consists of unrestricted non-preserved benefits;

(d) a statement informing the product holder that:

(i) the information about the withdrawal benefit for the product holder at the end of the reporting period is based on notional amounts that would have been attributable to the product holder if the product holder had disposed of his or her interest in the product on the date shown in the statement; and

(ii) the amounts on which that information is based might change; and

(iii) before disposing of the product, the product holder should seek information from the issuer on the withdrawal benefit at that time;

(e) a statement informing the product holder that the issuer is obliged to provide a member with any information that he or she reasonably requires to understand his or her benefit entitlements;

(f) a statement of the way in which a product holder is able to gain access to information in relation to his or her investment in the financial product.

(3) In providing details of the amount of withdrawal benefit at the end of the reporting period, in accordance with subparagraph (2) (c) (i), if a deduction for fees, charges or expenses has been made or might be made, the product issuer must provide details of the deduction including:

(a) the amount in dollars; or

(b) if it is not reasonably practicable for an amount to be identified - a description of the fees, charges or expenses as a percentage of a specified matter (including, if appropriate, worked dollar examples); or

(c) if it is not reasonably practicable for an amount or a percentage to be identified:

(i) a statement informing the holder of the product that amounts for fees, charges or expenses are applicable; and

(ii) if information about access to the information about the amount of a deduction is not provided in the statement mentioned in paragraph (2) (e) - details of the means by which a product holder can gain access to information relating to the amount of the deduction.