Superannuation Industry (Supervision) Amendment (Your Future, Your Super - Addressing Underperformance in Superannuation) Regulations 2023 (F2023L01063)

Schedule 1   Main amendments

Superannuation Industry (Supervision) Regulations 1994

27   At the end of regulation 9AB.10

Add:

Hybrid platform TDP

(9) Subregulation (10) applies if the Part 6A product mentioned in subregulation (1) is a hybrid platform TDP.

(10) In applying subregulation (2) in relation to the hybrid platform TDP:

(a) work out 2 performance measures for the hybrid platform TDP, as follows:

(i) assume that the hybrid platform TDP were 2 separate Part 6A products;

(ii) assume that one of those separate products was a standard platform TDP, and had the characteristics of the hybrid platform TDP relating to it being offered through investment menus of the platform type;

(iii) assume that the other of those separate products was a trustee-directed product that was not a platform TDP, and had the characteristics of the hybrid platform TDP relating to it being offered through investment menus of the generic type, the lifecycle option type, or both (as the case may be);

(iv) work out the performance measures for the 2 separate Part 6A products in accordance with subregulation (3); and

(b) treat subparagraph (2)(a)(i) as reading "both performance measures for the Part 6A product for the assessment year equal or exceed -0.005".