Superannuation Industry (Supervision) Regulations 1994

Work out the benchmark RAFE for a Part 6A product in relation to a financial year in accordance with the following subregulations.

First:

if the Part 6A product is a MySuper product—identify all Part 6A products that exist at the end of the year that are MySuper products; or

if the Part 6A product is not a MySuper product and is a platform TDP—identify all Part 6A products that exist at the end of the year that are not MySuper products and are platform TDPs; or

if the Part 6A product is not a MySuper product and is not a platform TDP—identify all Part 6A products that exist at the end of the year that are not MySuper products and are not platform TDPs.

However, do not include a Part 6A product in the identification under subregulation (2) in relation to the year if the Part 6A product’s initial quarter starts on a day during the financial year that is not 1 July.

Next, construct a consecutive sequence of the representative administration fees and expenses for each of the Part 6A products identified under subregulation (2) in relation to the year, where the sequence:

starts with the lowest of those RAFEs; and

proceeds in ascending order of the amount of each of those RAFEs.

Next, work out the result of the following formula:

If P is a whole number, the benchmark RAFE for the Part 6A product in relation to the year is the RAFE that occupies the place in the sequence mentioned in subregulation (3) corresponding to P.

If P=5, then the benchmark RAFE is the fifth RAFE in that sequence.

If P is not a whole number, determine the benchmark RAFE mentioned in subregulation (1) by using the following formula: