Specific instructions
Specific instructions
Specific instructions
Terms highlighted in bold italics indicate that the definition is provided in these instructions.
For the purposes of these instructions, a ‘fee’ is an amount directly charged to members (regardless of who pays the fee) and a ‘cost’ is an amount incurred by the RSE licensee. The definitions of ‘fee’ and ‘cost’ are mutually exclusive.
For the purposes of these instructions, fees and costs must be reported ‘gross of tax obligations’. This means the fees and costs must be reported prior to taking into account any benefit of a tax deduction relating to a fee that is passed on to a member either as a reduction in tax on contributions or through the deduction of a fee that is lower than what is reported to take account of the tax deduction.
Product dashboard
Part A: Performance, investment risk, fees and costs
Item 1 to item 4 inclusive collect information about the product dashboard with respect to a non-lifecycle MySuper product or a lifecycle stage of a lifecycle MySuper product.
Reporting basis: report item 1 and item 3 as at the reporting day; report item 2 in relation to changes in net assets during the ten most recent years ending 30 June (or, if shorter, the relevant offering period under rr. 7.9.07S(2), 7.9.07S(4), 7.9.07T(2) or 7.9.07T(4) of the Corporations Regulations, as relevant); and report item 4 in relation to fees and costs expected to be paid during the current year ending 30 June.
Unit of measurement: report item 1 as a percentage of representative member balance to one decimal place; item 1.1 and item 2 column 1 as DD/MM/YYYY; report item 2 column 2, column 3 and column 4 as a percentage of representative member balance to two decimal places; report item 3 as a whole number to one decimal place; and report item 4 in whole dollars.
Look-through basis: report fees and costs incorporated into calculations on a look-through basis in item 1, item 2, item 3 and item 4. Look-through basis is not relevant for item 1.1.
| Item 1 | Information reported in item 1 relates to the return target on the product dashboard.[9]Report the return target for the non-lifecycle MySuper product or the return target for the lifecycle stage of a lifecycle MySuper product, as relevant, in item 1.Report the starting date for the return target in item 1.1.Note that the return target is calculated using a net return of a representative member. Net return of a representative member is defined in item 2.The definition of return target refers to growth in the CPI. Measure growth in CPI using the annual growth in CPI as reported by the Australian Bureau of Statistics in catalogue 6401.0 Consumer Price Index, Australia, data series ID A2325847F: Percentage change from corresponding quarter of previous year; All Groups CPI, Australia.Example: An RSE licensee may estimate a distribution of possible outcomes for the annualised percentage rate of net return that exceeds the growth in the CPI over ten years. The return target is the mean of this distribution.Note that the starting date for the return target is not required to be published on the product dashboard under the Corporations Act or Corporations Regulations, but is for APRA’s data collection purposes. |
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| Return target | Represents the mean annualised estimate of the percentage rate of net return that exceeds the growth in the CPI over ten years. Reference: Corporations Act, s. 1017BA(2)(a)(i), Corporations Regulations, r. 7.9.07R. |
| Starting date | Represents the date the return target was approved by the RSE licensee. |
| Item 2 | Information reported in item 2 relates to the return[10] and a comparison between return target and return on the product dashboard.[11]Report each period for which the return must be calculated as a separate row in item 2.[12] |
|---|---|
| Item 2column 1 | Report the date to which the return relates in item 2 column 1.Example (report only full years to 30 June): if the MySuper product and predecessor product have been offered since 15 August 2010 and the reporting day is 30 June 2014, report the dates 30/06/2012, 30/06/2013 and 30/06/2014 as separate lines in item 2 column 1, representing the return for the years ending 30 June 2012, 30 June 2013 and 30 June 2014.Note that the first period (15 August 2010 to 30 June 2011) is a partial year and must not be included as a return calculated over a partial year is not comparable to a full year return. |
| Item 2column 2 | For each date reported in item 2 column 1, report the return for the non-lifecycle MySuper product (or predecessor product[13]) or the return for the lifecycle stage of a lifecycle MySuper product (or predecessor product), as relevant, in column 2.Calculate the return in column 2 as the net return of a representative member.The net return of a representative member is the net investment return of a representative member minus administration fees, costs and taxes of a representative member and minus advice fees, costs and taxes of a representative member, where:administration fees, costs and taxes represents the sum of administration fees, indirect cost ratio administration costs, other administration costs and administration-related tax expense/benefit; andadvice fees, costs and taxes represents the sum of advice fees, indirect cost ratio advice costs, other advice costs and advice-related tax expense/benefit.Note that the calculation of the net return of a representative member must be consistent with the equivalent requirements for calculating the net return in Reporting Standard SRS 702.0 Investment Performance using the representative member to convert fees charged on a flat dollar basis into fees charged on a percentage of assets.Where there are multiple administration fee levels, or administration fees are subsidised by additional employer contributions, report the highest fee level and the fee payable from all sources, not only the fee paid by the member.Where the fees and costs have changed over time, the relevant administration fees, costs and taxes and advice fees, costs and taxes that were in place for the date reported in column 1 must be used in the net return calculation for that year. |
| Item 2column 3 | For each date reported in item 2 column 1, report the ‘moving average return’[14] for the non-lifecycle MySuper product or the ‘moving average return’ for the lifecycle stage of a lifecycle MySuper product, as relevant, in column 3. Calculate the ‘moving average return’ in column 3 as:Where:t is the year reported in item 2 column 1;rMA,t is the moving average return calculated as at year t over the prior ten years (year t, t-1, t-2,...,t-9); andrt-i is the net return for year t-i where i = 0,...,9 (i.e. year t, t-1, t-2,…, t-9).If the net return does not exist and cannot be calculated for all years t, t-1, t-2,…, t-9, the moving average return for year t must not be calculated.For example, if the MySuper product has only existed for four years, the ten year moving average must not be calculated as ten years of history do not exist. |
| Item 2column 4 | For each date reported in item 2 column 1, report the ‘moving average return target’[15] for the non-lifecycle MySuper product or the ‘moving average return target’ for the lifecycle stage of a lifecycle MySuper product, as relevant, in column 4.Calculate the ‘moving average return target’ in column 4 as follows.For each year in column 1 and the prior ten years, calculate an ‘actual target’ as the sum of:(1) the return target for that year as either:(a) the return target that existed for that year where the return target is calculated in accordance with item 1; or(b) where no return target existed for a given year, use the return target that existed closest to that year that is calculated in accordance with item 1; and(2) the annual growth in CPI as reported by the Australian Bureau of Statistics in catalogue 6401.0 Consumer Price Index, Australia, data series ID A2325847F: Percentage change from corresponding quarter of previous year; All Groups CPI, Australia.Calculate the ten year ‘moving average return target’ as the moving average of the actual target for each year reported in item column 1 as:Where:t is the year reported in item 2 column 1; andActualTargett-i is the actual target for year t-i where i = 0,...,9 (i.e. year t, t-1, t-2,…, t-9). |
| Net investment return | Represents the time-weighted rate of return on investments, net of investment fees, indirect cost ratio investment costs, other investment costs and taxes on investment income, adjusted for cash flows as they occur. |
| Representative member | Represents a member who is fully invested in the given investment option, who does not incur any activity fees during a year and who has an account balance of $50,000 throughout that year. Excludes: investment gains/losses on the $50,000 balance. |
| Administration fees | Represents a fee within the meaning given in s. 29V(2) of the SIS Act, gross of tax obligations, that relates to the administration or operation of the fund. |
| Indirect cost ratio | Represents the ratio of the total of the indirect costs for a MySuper product or an investment option, to the total average net assets of the superannuation entity attributed to the MySuper product or investment option. Reference cl. 104(1) of Schedule 10 to the Corporations Regulations. |
| Indirect cost ratio administration costs | Represents the portion of the indirect cost ratio relating to administration costs. These costs must be shown gross of tax obligations. |
| Other administration costs | Represents costs associated with administration charged to a member by way of a reduction in returns, deduction from contributions or deduction from account balance, but which were not explicitly disclosed in the Product Disclosure Statement. These costs must be shown gross of tax obligations. |
| Administration related tax expense/benefit | Represents the tax expense or benefit derived from administration fees or costs charged to a member. |
| Advice fees | Represents a fee within the meaning given in s. 29V(8) of the SIS Act, gross of tax obligations, that relates to the provision of financial product advice to a member by the RSE licensee and which is not incorporated into another fee. |
| Indirect cost ratio advice costs | Represents the portion of the indirect cost ratio relating to advice costs. These costs must be shown gross of tax obligations. |
| Other advice costs | Represents costs associated with advice charged to a member by way of a deduction from returns, deduction from contributions or deduction from account balance, which were not explicitly disclosed in the Product Disclosure Statement. These costs must be shown gross of tax obligations. |
| Advice related tax expense/benefit | Represents the tax expense or benefit derived from advice expenses or due to advice related activities. |
<table cellspacing="0" cellpadding="0" style="border:0.75pt solid #000000; border-collapse:collapse"><tbody><tr><td style="width:79.9pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:6pt; margin-bottom:6pt; text-align:justify; font-size:12pt"><span style="font-family:'Times New Roman', serif; font-weight:bold">Item 3</span></p></td><td style="width:352.05pt; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:6pt; margin-bottom:6pt; text-align:justify; font-size:12pt"><span style="font-family:'Times New Roman', serif">Information reported in item 3 relates to the level of investment risk</span><span style="font-family:'Times New Roman', serif"> on the product dashboard</span><span style="font-family:'Times New Roman', serif">.</span><a id="_ftnref16"></a><a href="#_ftn16" style="text-decoration:none"><span class="FootnoteReference" style="font-family:'Times New Roman', serif; font-size:8pt; color:#000000">[16]</span></a></p><p style="margin-top:6pt; margin-bottom:6pt; text-align:justify; font-size:12pt"><span style="font-family:'Times New Roman', serif">Report the </span><span style="font-family:'Times New Roman', serif; font-weight:bold; font-style:italic">level of investment risk</span><span style="font-family:'Times New Roman', serif"> </span><span style="font-family:'Times New Roman', serif">for the </span><span style="font-family:'Times New Roman', serif">non-lifecycle </span><span style="font-family:'Times New Roman', serif">MySuper product or </span><span style="font-family:'Times New Roman', serif">the </span><span style="font-family:'Times New Roman', serif; font-weight:bold; font-style:italic">level of investment risk</span><span style="font-family:'Times New Roman', serif"> </span><span style="font-family:'Times New Roman', serif">for the </span><span style="font-family:'Times New Roman', serif">lifecycle stage</span><span style="font-family:'Times New Roman', serif"> of a lifecycle MySuper product</span><span style="font-family:'Times New Roman', serif">, as relevant,</span><span style="font-family:'Times New Roman', serif; font-weight:bold"> </span><span style="font-family:'Times New Roman', serif">in item 3 with </span><span style="font-family:'Times New Roman', serif">the relevant</span><span style="font-family:'Times New Roman', serif"> risk label in item 3.1.</span></p><p style="margin-top:6pt; margin-bottom:6pt; text-align:justify; font-size:12pt"><span style="font-family:'Times New Roman', serif">The </span><span style="font-family:'Times New Roman', serif">relevant </span><span style="font-family:'Times New Roman', serif">risk labels </span><span style="font-family:'Times New Roman', serif">relating to each </span><span style="font-family:'Times New Roman', serif; font-weight:bold; font-style:italic">level of investment risk</span><span style="font-family:'Times New Roman', serif"> are:</span></p><table cellspacing="0" cellpadding="0" style="border:0.75pt solid #000000; border-collapse:collapse"><tbody><tr style="height:17pt"><td style="width:84.25pt; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:6pt; margin-bottom:6pt; font-size:12pt"><span style="font-family:'Times New Roman', serif">Relevant r</span><span style="font-family:'Times New Roman', serif">isk label</span></p></td><td style="width:245.45pt; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:6pt; margin-bottom:6pt; text-align:justify; font-size:12pt"><span style="font-family:'Times New Roman', serif; font-weight:bold; font-style:italic">Level of investment risk</span><span style="font-family:'Times New Roman', serif"> - estimated number of negative </span><span style="font-family:'Times New Roman', serif">net investment</span><span style="font-family:'Times New Roman', serif"> </span><span style="font-family:'Times New Roman', serif">returns over a 20 year period</span></p></td></tr><tr style="height:17pt"><td style="width:84.25pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:justify; font-size:12pt"><span style="font-family:'Times New Roman', serif">Very low</span></p></td><td style="width:245.45pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center; font-size:12pt"><span style="font-family:'Times New Roman', serif">Less than 0.5</span></p></td></tr><tr style="height:17pt"><td style="width:84.25pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:justify; font-size:12pt"><span style="font-family:'Times New Roman', serif">Low</span></p></td><td style="width:245.45pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center; font-size:12pt"><span style="font-family:'Times New Roman', serif">0.5 to less than 1</span></p></td></tr><tr style="height:17pt"><td style="width:84.25pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:justify; font-size:12pt"><span style="font-family:'Times New Roman', serif">Low to medium</span></p></td><td style="width:245.45pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center; font-size:12pt"><span style="font-family:'Times New Roman', serif">1 to less than 2</span></p></td></tr><tr style="height:17pt"><td style="width:84.25pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:justify; font-size:12pt"><span style="font-family:'Times New Roman', serif">Medium</span></p></td><td style="width:245.45pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center; font-size:12pt"><span style="font-family:'Times New Roman', serif">2 to less than 3</span></p></td></tr><tr style="height:17pt"><td style="width:84.25pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:justify; font-size:12pt"><span style="font-family:'Times New Roman', serif">Medium to High</span></p></td><td style="width:245.45pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center; font-size:12pt"><span style="font-family:'Times New Roman', serif">3 to less than 4</span></p></td></tr><tr style="height:17pt"><td style="width:84.25pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:justify; font-size:12pt"><span style="font-family:'Times New Roman', serif">High</span></p></td><td style="width:245.45pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center; font-size:12pt"><span style="font-family:'Times New Roman', serif">4 to less than 6</span></p></td></tr><tr style="height:17pt"><td style="width:84.25pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:justify; font-size:12pt"><span style="font-family:'Times New Roman', serif">Very high</span></p></td><td style="width:245.45pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="text-align:center; font-size:12pt"><span style="font-family:'Times New Roman', serif">6 or greater</span></p></td></tr></tbody></table><p style="margin-top:6pt; margin-bottom:6pt; text-align:justify; font-size:12pt"><span style="font-family:'Times New Roman', serif">Refer to</span><span style="font-family:'Times New Roman', serif"> the</span><span style="font-family:'Times New Roman', serif"> </span><span style="font-family:'Times New Roman', serif; font-style:italic">Standard Risk Measure Guidance Paper For Trustees July 2011</span><span style="font-family:'Times New Roman', serif"> and </span><span style="font-family:'Times New Roman', serif; font-style:italic">Standard Risk Measure, Implementation Guidance For Trustees December 2012</span><span style="font-family:'Times New Roman', serif"> </span><span style="font-family:'Times New Roman', serif">issued by the Association of Superannuation Funds of Australia and the Financial Services Council </span><span style="font-family:'Times New Roman', serif">in</span><span style="font-family:'Times New Roman', serif"> </span><span style="font-family:'Times New Roman', serif">respect </span><span style="font-family:'Times New Roman', serif">of </span><span style="font-family:'Times New Roman', serif">disclosure of investment risk</span><span style="font-family:'Times New Roman', serif">,</span><span style="font-family:'Times New Roman', serif"> including risk labels.</span></p></td></tr><tr><td style="width:79.9pt; border-top:0.75pt solid #000000; border-right:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:6pt; margin-bottom:6pt; font-size:12pt"><span style="font-family:'Times New Roman', serif; font-weight:bold; font-style:italic">Level of investment risk</span></p></td><td style="width:352.05pt; border-top:0.75pt solid #000000; border-left:0.75pt solid #000000; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:6pt; margin-bottom:6pt; text-align:justify; font-size:12pt"><span style="font-family:'Times New Roman', serif">Represents the estimated number of years </span><span style="font-family:'Times New Roman', serif">in </span><span style="font-family:'Times New Roman', serif">a </span><span style="font-family:'Times New Roman', serif">20 year</span><span style="font-family:'Times New Roman', serif"> period</span><span style="font-family:'Times New Roman', serif"> </span><span style="font-family:'Times New Roman', serif">that </span><span style="font-family:'Times New Roman', serif">the RSE licensee estimates that </span><span style="font-family:'Times New Roman', serif">negative net investment returns will be incurred.</span><span style="font-family:'Times New Roman', serif"></span></p></td></tr></tbody></table>
| Item 4 | Information reported in item 4 relates to the statement of fees and other costs on the product dashboard.[17]Report the statement of fees and other costs for the non-lifecycle MySuper product or the statement of fees and other costs for the lifecycle stage of a lifecycle MySuper product, as relevant, in item 4.Calculate the statement of fees and other costs as the sum of:investment fees, indirect cost ratio investment costs and other investment costs for a representative member,administration fees, indirect cost ratio administration costs and other administration costs for a representative member; andadvice fees, indirect cost ratio advice costs and other advice costs for a representative member,for the year ending 30 June.Note that the calculation of investment, administration and advice fees and costs must be consistent with equivalent requirements in Reporting Standard SRS 702.0 Investment Performance using the representative member to convert fees charged on a percentage of assets basis into a dollar amount of fees. |
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| Investment fee | Represents a fee within the meaning given in s. 29V(3) of the SIS Act, gross of tax obligations, that relates to the investment of the assets of the entity. |
| Indirect cost ratio investment costs | Represents the portion of the indirect cost ratio that relates to investment costs. These costs must be shown gross of tax obligations. |
| Other investment costs | Represents costs that relate to the investment of the assets of the fund, which were not explicitly disclosed in the Product Disclosure Statement. These costs must be shown gross of tax obligations. |
Part B: Lifecycle MySuper products
Lifecycle stage factors
Item 5 collects, for each lifecycle stage, information about the factors that describe members who are allocated to that particular lifecycle stage of a lifecycle MySuper product.
Reporting basis: report item 5 as at the reporting day.
Unit of measurement: report item 5 column 1 and column 2 as a whole number; report item 5 column 4 and column 5 as thousands of dollars; report item 5 column 6 and column 7 as a percentage of member salary to two decimal places; report item 5 column 8 and column 9 as thousands of dollars per annum; report item 5 column 10 and column 11 as a whole number; report item 5 column 12 as text.
Look-through basis: Look-through basis is not relevant for item 5.
| Item 5 | Item 5 is only to be completed for a lifecycle stage of a lifecycle MySuper product; otherwise, leave item 5 blank.Report each distinct combination of factors that defines the allocation of members to the lifecycle stage as a separate line in item 5.[18]Where a minimum allowable age is a factor used to determine whether a member is allocated to the lifecycle stage, report the minimum allowable age in the stage in column 1. Where there is no minimum age set for the lifecycle stage, leave column 1 blank.Where a maximum allowable age is a factor used to determine whether a member is allocated to the lifecycle stage, report the maximum allowable age in the stage in column 2. Where there is no maximum age set for the lifecycle stage, leave column 2 blank.Example: A lifecycle stage covers members from ages 45 to 54. Report 45 in column 1 and 54 in column 2.Example: A lifecycle stage covers members from age 65 to death. Report 65 in column 1 and leave column 2 blank.Example: A lifecycle stage covers members born in the 1960s. When reporting as at 30 June 2015, report 55 in column 1 and 64 in column 2. Note that although stages based on decades would include members born in January to June of 1960 who would be 65 as at 30 June 2015 and July to December of 1969 who would be 54 as at 30 June 2015, report 55 and 64 to avoid overlapping ages across decades.Where a lifecycle stage is only available for a particular gender, report ‘male’ or ‘female’ in column 3 as relevant. Where gender is not a determinant for membership in a lifecycle stage, report ‘either’ in column 3.Example: A lifecycle stage covers males aged 45-50 and females aged 48-55. These two cohorts must be reported as two separate lines in item 5: one line would report 45 in column 1, 50 in column 2 and ‘male’ in column 3; the other line would report 48 in column 1, 55 in column 2 and ‘female’ in column 3.Where account balance is a factor used to determine whether a member is allocated to the lifecycle stage, report the minimum allowable account balance in the stage in column 4 and the maximum allowable account balance in the stage in column 5. Where there is no minimum account balance set for the lifecycle stage, leave column 4 blank. Where there is no maximum account balance set for the lifecycle stage, leave column 5 blank.Example: A lifecycle stage covers members with account balances of more than $200,000. Report 200 in column 4 and leave column 5 blank.Where contribution rate is a factor used to determine whether a member is allocated to the lifecycle stage, report the minimum allowable contribution rate within the stage in column 6 and the maximum allowable contribution rate in the stage in column 7. Where there is no minimum contribution rate set for the lifecycle stage, leave column 6 blank. Where there is no maximum contribution rate set for the lifecycle stage, leave column 7 blank.Example: A lifecycle stage covers members contributing no more than the statutory required employer contribution rates. For 2013 the statutory required employer contribution rate is 9.25 per cent. Leave column 6 blank and report 9.25 in column 7.Where current salary is a factor used to determine whether a member is allocated to the lifecycle stage, report the minimum allowable current salary in the stage in column 8 and the maximum allowable current salary in the stage in column 9. Where there is no minimum current salary set for the lifecycle stage, leave column 8 blank. Where there is no maximum current salary set for the lifecycle stage, leave column 9 blank.Example: A lifecycle stage covers members with salaries between $70,000 and $90,000. Report 70 in column 8 and 90 in column 9.Where the RSE licensee’s opinion about the time remaining before a member could be expected to retire is a factor used to determine whether a member is allocated to the lifecycle stage, report the minimum allowable time remaining to retirement in the stage in column 10 and the maximum allowable time remaining to retirement in the stage in column 11. Where there is no minimum time remaining to retirement set for the lifecycle stage, leave column 10 blank. Where there is no maximum time remaining to retirement set for the lifecycle stage, leave column 11 blank.Example: A lifecycle stage covers members with 15 to 20 years remaining to retirement. Report 15 in column 10 and 20 in column 11.Where another factor allowable under SIS Regulations is used to determine membership in a lifecycle stage, report that factor in column 12. |
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