Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 (155 of 2013)

Schedule 1   Amendments relating to MySuper

Corporations Regulations 2001

33   Subclause 104(1) of Schedule 10

Repeal the subclause, substitute:

(1) The indirect cost ratio ( ICR ), for a MySuper product or an investment option offered by a superannuation entity, is the ratio of the total of the indirect costs for the MySuper product or investment option, to the total average net assets of the superannuation entity attributed to the MySuper product or investment option.

Note: A fee deducted directly from a member’s account is not included in the indirect cost ratio.

(1A) The indirect cost ratio ( ICR ), for an investment option offered by a managed investment scheme, is the ratio of the management costs for the option that are not deducted directly from a product holder’s account, to the total average net assets of the managed investment scheme that relates to the investment option.

Note: A fee deducted directly from a product holder’s account is not included in the indirect cost ratio.