220ASuperannuation products

220A Superannuation products

(1) Cost of product information for each MySuper product offered by the superannuation entity and each investment option offered by the entity:

(a) must be included in the “Fees and other costs” section of the Product Disclosure Statement, following the “Example of Annual Fees and Costs”;

(b) must include the following heading and text immediately before the presentation of the first cost of product information:

Cost of product for 1 year

The cost of product gives a summary calculation about how ongoing annual fees and costs can affect your superannuation investment over a 1-year period for all superannuation products and investment options. It is calculated in the manner shown in the Example of annual fees and costs.

The cost of product information assumes a balance of $50,000 at the beginning of the year. (Additional fees such as a buy-sell spread may apply: refer to the Fees and costs summary for the relevant superannuation product or investment option.)

You should use this figure to help compare superannuation products and investment options.

(c) must be set out as using the following form:

and

(d) must be calculated in accordance with the method set out in the Example of Annual Fees and Costs in clause 211 and Division 6.

(2) Cost of product information is not required in a Product Disclosure Statement for a defined benefit fund.

Note: Defined benefit fund is defined in subregulation 1.03(1) of the SIS Regulations.

(3) Cost of product information is not required in a Product Disclosure Statement where the Statement relates to only one product or option and an Example of Annual Fees and Costs has been included in relation to that product or option in accordance with Division 5.