Superannuation Industry (Supervision) Act 1993

PART 2C - MYSUPER  

Division 5 - Fees rules for MySuper products  

SECTION 29V   FEES THAT MAY BE CHARGED IN RELATION TO A MYSUPER PRODUCT  

29V(1)  
The trustee, or the trustees, of a regulated superannuation fund that offers a MySuper product may only charge fees of one or more of the following kinds in relation to that product:

(a)  an administration fee;

(b)  an investment fee;

(c)  a buy-sell spread;

(d)  a switching fee;


(e) (Repealed by No 16 of 2019)

(f)  an activity fee;

(g)  

an advice fee;

(h)  

an insurance fee.

29V(2)  


An administration fee is a fee that relates to the administration or operation of a superannuation entity and includes costs incurred by the trustee, or the trustees, of the entity that:

(a)  relate to the administration or operation of the fund; and

(b)  

are not otherwise charged as an investment fee, a buy-sell spread, a switching fee, an activity fee, an advice fee or an insurance fee.

29V(3)  


An investment fee is a fee that relates to the investment of the assets of a superannuation entity and includes:

(a)  fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees); and

(b)  

costs incurred by the trustee, or the trustees, of the entity that:

(i) relate to the investment of assets of the entity; and

(ii) are not otherwise charged as an administration fee, a buy-sell spread, a switching fee, an activity fee, an advice fee or an insurance fee

29V(4)  


A buy-sell spread is a fee to recover transaction costs incurred by the trustee, or the trustees, of a superannuation entity in relation to the sale and purchase of assets of the entity.

29V(5)  


A switching fee is a fee to recover the costs of switching all or part of a member ' s interest in a superannuation entity from one class of beneficial interest in the entity to another.

29V(6)  
(Repealed by No 16 of 2019)

29V(7)  


A fee is an activity fee if:

(a)  the fee relates to costs incurred by the trustee, or the trustees, of a superannuation entity that are directly related to an activity of the trustee, or the trustees:


(i) that is engaged in at the request, or with the consent, of a member; or

(ii) that relates to a member and is required by law; and

(b)  

those costs are not otherwise charged as an administration fee, an investment fee, a buy-sell spread, a switching fee, an advice fee or an insurance fee.

29V(8)  


A fee is an advice fee if:

(a)  the fee relates directly to costs incurred by the trustee, or the trustees, of a superannuation entity because of the provision of financial product advice to a member by:


(i) a trustee of the entity; or

(ii) another person acting as an employee of, or under an arrangement with, a trustee or trustees of the entity; and

(b)  

those costs are not otherwise charged as an administration fee, an investment fee, a switching fee, an activity fee or an insurance fee.

29V(9)  


A fee is an insurance fee if:

(a)  the fee relates directly to either or both of the following:


(i) insurance premiums paid by the trustee, or the trustees, of a superannuation entity in relation to a member or members of the entity;

(ii) costs incurred by the trustee, or the trustees, of a superannuation entity in relation to the provision of insurance for a member or members of the entity; and

(b)  the fee does not relate to any part of a premium paid or cost incurred in relation to a life policy or a contract of insurance that relates to a benefit to the member that is based on the performance of an investment rather than the realisation of a risk; and

(c)  

the premiums and costs to which the fee relates are not otherwise charged as an administration fee, an investment fee, a switching fee, an activity fee or an advice fee.

 

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