Superannuation Industry (Supervision) Regulations 1994

SCHEDULE 2A  

Note: See subregulation 9AB.19(2) .


INFORMATION IN NOTICE UNDER SUBSECTION 60E(2) OF ACT

Hello [insert the name of the beneficiary of the superannuation entity] ,

Your superannuation product [insert the name of the superannuation entity and the name of the Part 6A product] has performed poorly under an annual performance test that was introduced by the Australian Government to make sure Australians are getting the most out of their super. As a result, we are required to write to you and suggest that you consider moving your money into a different superannuation product.

You currently have $ [insert the beneficiary ' s account balance on the date of this letter] invested with [insert the name of the superannuation entity] . In the last year you paid $ [insert total fees and costs charged to beneficiary in previous financial year] in total fees and costs for your account with [insert the name of the superannuation entity] .

Switching to a different super product is easy, and there are no fees involved.

By switching into a better performing product, you can potentially save thousands of dollars more for retirement. For example, by earning 1% higher net return over a 30-year period, you could be 20% better off at retirement.

Using the Australian Government ' s YourSuper comparison tool you will be able to compare the fees and returns of all MySuper products. Go to ato.gov.au/yoursuper or the QR code below:

[insert QR code for ato.gov.au/yoursuper]

Your questions answered

Why have I received this letter?

The Australian Government has introduced an annual performance test of superannuation products to make sure Australians are getting the most out of their super.

The purpose of this letter is to notify you of the poor performance of your superannuation product and to provide you with information to help you decide whether you want to stay with your current product or choose a better performing product.

Even a small difference in performance can make a big difference at retirement.

What is the annual performance test?

The annual performance test assesses the returns of your product (after your super fund deducts fees) over the last [insert the number of financial years in the lookback period for the Part 6A product] years. The test compares the returns your product delivered with the returns that a comparable product would have delivered over the same period.

Products that fail this test are required to notify their members.

You can find out more about superannuation at moneysmart.gov.au .


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.