Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Act 2013 (61 of 2013)

Schedule 1   Amendments

Part 1   Amendments

Superannuation Industry (Supervision) Act 1993

42B   At the end of Division 5 of Part 2C

Add:

29VE Percentage-based administration fees may be capped

If, under the governing rules of a regulated superannuation fund:

(a) all or part of the administration fee in relation to a MySuper product is charged to those members of the fund who hold the product as a percentage of so much of the account balance of each of those members that relates to the MySuper product; and

(b) the amount of the administration fee is capped at a specified amount; and

(c) the cap is the same for all of those members; and

(d) but for the fact that the administration fee is capped in that way, a charging rule in section 29VA would be satisfied in relation to the administration fee;

that charging rule is taken to be satisfied in relation to the administration fee.