Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The trustee, or the trustees, of a regulated superannuation fund that has 7 or more members must ensure:
(a) that a product dashboard for each of the fund's MySuper products and choice products is publicly available at all times on the fund's website; and
(b) that each product dashboard sets out the information required by subsection (2) or (3); and
(c) that the information set out in each product dashboard about fees and other costs is updated within 14 days after the end of a period prescribed by the regulations; and
(d) that the other information set out in each product dashboard is updated within 14 days after any change to the information; and
(e) if the regulations prescribe the way in which information is to be set out in a product dashboard--that each product dashboard sets out the information in accordance with the regulations.
(2) The product dashboard for a MySuper product must set out:
(a) the following, worked out in accordance with the regulations in relation to the period or periods prescribed by the regulations:
(i) a return target or return targets for the product;
(ii) a return or returns for the product;
(iii) a comparison or comparisons between return targets and returns for the product;
(iv) the level of investment risk that applies to the product;
(v) a statement of fees and other costs in relation to the product; and
(b) any other information prescribed by the regulations.
(3) Subject to subsection (4), the product dashboard for a choice product must set out:
(a) the following for each investment option offered within the choice product, worked out in accordance with the regulations in relation to the period or periods prescribed by the regulations:
(i) a return target or return targets for the investment option;
(ii) a return or returns for the investment option;
(iii) a comparison or comparisons between return targets and returns for the investment option;
(iv) the level of investment risk that applies to the investment option;
(v) a statement of fees and other costs in relation to the investment option; and
(b) any other information prescribed by the regulations.
(4) Subsection (3) does not apply to an investment option within a choice product if:
(a) the assets of the fund that are invested under the option are invested only in one or more of the following:
(i) a life policy under which contributions and accumulated earnings may not be reduced by negative investment returns or any reduction in the value of assets in which the policy is invested;
(ii) a life policy under which the benefit to a member (or a relative or dependant of a member) is based only on the realisation of a risk, not the performance of an investment;
(iii) an investment account contract the only beneficiaries of which are a member, and relatives and dependants of a member; or
(b) the sole purpose of the investment option is the payment of a pension to members who have satisfied a condition of release of benefits specified in a standard made under paragraph 31(2)(h) of the Superannuation Industry (Supervision) Act 1993 ; or
(c) the assets of the fund that are invested under the option are invested only in another single asset.
(4A) The regulations may prescribe circumstances in which assets of a regulated superannuation fund are, or are not, to be treated as invested in a single asset for the purposes of paragraph (4)(c).
Civil liability
(4B) A person contravenes this subsection if the person contravenes subsection (1).
Note: This subsection is a civil penalty provision (see section 1317E).
(5) In this section:
"fee" , in relation to a MySuper product or a choice product offered by a regulated superannuation fund, means a fee (other than an activity fee, an advice fee or an insurance fee within the meaning of the Superannuation Industry (Supervision) Act 1993 ) that may be charged by the trustee, or the trustees, of the regulated superannuation fund in relation to the product under that Act.
"investment account contract" has the same meaning as in the Life Insurance Act 1995 .
"member" , in relation to a regulated superannuation fund, has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .