Reg 5.02A repealed by SLI No 86 of 2013, reg 4 and Sch 1 item 6, effective 1 July 2013. Reg 5.02A formerly read:
REGULATION 5.02A MEANING OF FAIR AND REASONABLE
For the purposes of subregulation
, a distribution of costs in relation to a fund is not fair and reasonable if, in respect of a period that is, in relation to the fund, a good investment period, the trustee of the fund applies administration costs (being administration costs that would, but for the member-protection standards, be applied to erode the minimum benefits of members of the fund to whom the member-protection standards apply) in a way that erodes the benefits (other than the minimum benefits) of those members.
For the purposes of subregulation (1), a period is a good investment period in relation to a fund if the total administration costs that would be charged to members of the fund but for regulation
is not greater than the total investment return of the fund that would be credited to members of the fund in respect of the period but for that regulation.