2017 (RG 97 version)

Means superseded ASIC Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements (RG 97), dated March 2017.

2020 (RG 97 version)

Means ASIC Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements (RG 97), dated July 2020.

ABN (Australian Business Number)

Has the meaning as in section 41 of the A New Tax System (Australian Business Number) Act 1999.

Access type

Means the available access channels to the superannuation product.

The access types are:

• Individual No Advisor Required;
• Individual Advisor Only;
• Standardised Employer;
• Tailored Employer; and
• Combined Access Type.

Accounting adjustments (expense type) / (engagement type)

Means any accounting adjustments including amortisation or depreciation.

 Accounting and Finance (expense type)

Means the expense incurred for the provision of accounting and finance services to the reporting entity.

Accumulation (product phase)

Means the same as ‘growth phase’ as in regulation 1.03 AB of the SIS Regulations.

Activities Of Daily Life (ADL) (TPD assessment criteria)

Means a type of TPD assessment criteria that requires claimants to show that they are unable to perform activities of daily life (ADL), such as the ability to feed oneself, walking, dressing or bathing.

Activity fee

Means a fee charged to a member that relates to an activity of an RSE licensee that is engaged in at the request, or with the consent, or a member or that relates to a member and is required by law.  Reference: Section 29V(7) of the Superannuation Industry (Supervision) Act 1993 (SIS Act).

Activity fee type

Means the type of activity fees that can be reported, the activity fee types are:

• Advice Fee;
• Brokerage Fee;
• Buy Sell Spread;
• Contribution Fee;
• Contribution Splitting Fee;
• Dishonoured Payment Fee;
• Establishment Fee;
• Family Law;
• Financial Advice;
• Financial Hardship Application;
• Insurance Fee;
• Lost Member Search Fee;
• No TFN Tax Recovery Fee;
• Non Intrafund Advice Fee;
• Switching Fee;
• Withdrawal Fee;
• Other; and
• Not Applicable.

Actuarial Services (expense type)

Means the expense incurred for the provision of actuarial services.

Administration (component activity) / (fees and costs component activity)

Means activities that give rise to ‘administration fees’ as in section 29V(2) of the SIS Act.

Excludes Investment and Transaction activities.

Administration And Other Expenses (expense category type)

Means the profit was attributable to an administration or other non investment management related expense.

Administration Services (expense group)

Means the expense incurred for the provision of any administration services.

Admitted

Means claims where the insurer has made a final decision to admit the claim.

Admitted (claim assessment)

Means that the insurer has determined the claim to be admitted.

Advertising Or Marketing (expense type)

Means the expense incurred for the provision of advertising and marketing and/or distribution.

Advice (component activity) / (fees and costs component activity)/ (expense group type)

Means activities that relate to the provision of financial product advice to a member.

Advice Fee (activity fee type)

Has the meaning as in  section 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.

Age

Means the age of the member in whole years (age at the members’ last birthday).

Aggregate (sex)

Means that the sex of the member does not affect the cost or level of cover for a member.

Aggregate (smoker status)

Means that the smoker status of a member does not affect their cost or level of cover.

Aggregate cover

Means the total level of cover of a particular insurance cover type held by a group of members.  In the case of Income Protection Insurance (IP) cover, this would be the annual insured benefit held by a group of members.

Aggregated policies

Means two or more superannuation insurance policies.

Aggregated Policies (insurance reporting level)

Means that the insurance cluster contains aggregated policies.

Agreed Value (cover valuation basis)

Means where insurance covers a person for an agreed value.

Alternative strategy fund

Means a collective investment that displays a combination of the following characteristics:

(a) borrowing and leverage restrictions, which are typically  included in collective investment-schemes related regulation, are not applied, may use high levels of leverage;

(b) significant performance fees (often in the form of a percentage of profits) are paid to the manager in addition to an annual management fee;

(c) investors are typically permitted to redeem their interests periodically (e.g. quarterly, semi-annually or annually);

(d) significant ‘own’ funds are often invested by the managers;

(e) derivatives are used, often for speculative purposes, and there is an ability to short sell securities; and

(f) more diverse risks or complex underlying products are involved.

Alternatives (strategic sector) / (strategic subsector) / (asset class sector type)

Means any investment which does not meet the definition of the other strategic sectors.

Alternatives Activist (asset class characteristic 2)

Means an investment strategy that involves taking large positions in corporations and using the ownership to participate in the management of the corporation.

Alternatives Commodities (asset class characteristic 2)

Means an investment in natural resources that are either grown or extracted from the ground.

Alternatives Convertible Bond Arbitrage (asset class characteristic 2)

Means an investment strategy that takes advantage of relative discrepancies in prices between convertible bonds and corresponding equity securities.

Alternatives Credit Distressed (asset class characteristic 2)

Means an investment strategy that invests in fixed income securities of corporations facing bankruptcy or severe financial distress.

Alternatives Equity Market Neutral (asset class characteristic 2)

Means an investment strategy invested in equity securities that aims for little or no correlation to overall market exposure.

Alternatives Event Driven (asset class characteristic 2)

Means an investment strategy that finds investment opportunities in corporate transactional events such as consolidations, acquisitions, recapitalisations, bankruptcies and liquidations.

Alternatives Fixed Income Arbitrage (asset class characteristic 2)

Means an investment strategy invested in fixed income securities that takes advantage of relative discrepancies in price between securities.

Alternatives Global Macro (asset class characteristic 2)

Means an investment strategy that takes sizeable positions in equity, fixed income or currency markets in anticipation of global macroeconomic events.

Alternatives Insurance Linked Securities (asset class characteristic 2)

Means an investment in instruments whose value is affected by insured events, such as natural disasters or longevity. Includes catastrophe bonds and life policy investments.

Alternatives Long Short Credit (asset class characteristic 2)

Means an investment strategy invested in fixed income securities that uses market movements, trends or inconsistencies when picking securities, and hedges long positions with short sales of fixed income securities or derivatives.

Alternatives Long Short Equity (asset class characteristic 2)

Means an investment strategy invested in equity securities that uses market movements, trends or inconsistencies when picking securities, and hedges long positions with short sales of equity securities or derivatives.

Alternatives Managed Futures Or Commodity Trading Advisor (asset class characteristic 2)

Means an investment strategy employed by a commodity trading advisor which involves investing in commodity market futures, options and swaps.

Alternatives Multi Strategy (asset class characteristic 2)

Means a combination of two or more primary alternative investment strategy styles.

Alternatives Other (asset class characteristic 2)

Means an alternative investment that does not meet the definition of the other characteristics available.

Alternatives Real Return Multi Asset Strategies (asset class characteristic 2)

Means an investment strategy which invests across a range of traditional and non-traditional asset classes, while maintaining a low correlation to any particular asset class.

Alternatives Risk Arbitrage (asset class characteristic 2)

Means an investment strategy that involves buying and selling the equity securities of two or more merging corporations to take advantage of discrepancies between acquisition prices and market prices.

Alternatives Volatility Arbitrage (asset class characteristic 2)

Means an investment strategy that takes advantage of discrepancies in the implied volatility in option pricing.

Annuity (investment option categories)

Has the meaning as in section 10(1) of the SIS Act.

Any Occupation (TPD assessment criteria)

Means that the member insured is considered unable to ever again work in any occupation for which they are reasonably suited by education, training or experience.

APIR code

Means the unique identifier issued by APIR Systems Limited (APIR) to products and participants. APIR maintains a free online searchable database of APIR codes, available at https://www.apir.com.au/.

Asset class characteristic 1

Means a level of detail which further describe properties of the asset class classification.

Asset class characteristic 2

Means a second level of detail which further describe properties of the asset class classification.

Asset class characteristic 3

Means a third level of detail which further describe properties of the asset class classification.

Asset class further description

Means a further description of the assets’ attributes where applicable, e.g. asset sub-class (small cap, indexed, etc.) and asset domicile (Australia, international, etc.).

Asset class sector type

Means the asset class of the ultimate investment. The asset class sector types are:

• Cash;
• Fixed Income;
• Equity;
• Property;
• Infrastructure;
• Alternatives; and
• Currency Exposure; And

Not Applicable.

Asset Consultant (expense service type)

Means the expense incurred for the provision of any asset consultant services.

Assets of the RSE that are pledged to secure derivative positions

Means the market value of cash or assets pledged or lodged with an entity to support derivative positions as collateral.

Associate

Has the meaning as in section 12 of the SIS Act.

Australian Domicile (domicile type)

Means financial instruments issued in Australia.

Australian Resident (counterparty residency status)

Means any individual, enterprise or other organisation ordinarily domiciled in Australia’s economic territory.

Includes: Australian registered branches and incorporated subsidiaries of foreign enterprises.

Authorised deposit-taking institutions (ADIs)

Means an authorised deposit-taking institution within the meaning of the Banking Act 1959.

Banking Institutions (type of counterparty)

Means financial institutions whose business it is to receive deposits or close substitutes for deposits and to grant credits or invest in securities on their own account, including authorised deposit taking institutions, credit unions and building societies. Money market funds, investment funds and pension funds are excluded from this category.

Base (investment charge type)

Means that portion of the expense or benefit that is not Performance Linked.

Benchmark

Means a quantifiable benchmark return or absolute percentage return upon which the return objective of the investment option is based.

Benchmark allocation (%)

Means the target proportion of assets which the RSE licensee has adopted as being appropriate in order to meet the investment objectives of the RSE licensee’s investment strategy under Prudential Standard SPS 530 Investment Governance (SPS 530).

Benchmark allocation lower (%)

Means the minimum proportion of assets to be invested in an asset class to meet the investment objectives of the RSE licensee’s investment strategy under SPS 530.

Benchmark allocation upper (%)

Means the maximum proportion of assets to be invested in an asset class to meet the investment objectives of the RSE licensee’s investment strategy under SPS 530.

Board and Board Committees (expense type)

Means the expense incurred for Board and Board Committees.

Includes: Director Remuneration

Brokerage (expense service type)

Means the expense incurred for the provision of any brokerage services.

Brokerage Fee (activity fee type)

Means a fee charged for the provision of any brokerage services.

Bundled Life And Income Protection Insurance (insurance cover type)

Means insurance cover that is provided under one premium for life insurance and IP insurance.

Bundled Life And Total And Permanent Disability Insurance (insurance cover type)

Means insurance cover that is provided under one premium for life insurance and TPD insurance.

Bundled Life Total And Permanent Disability And Income Protection Insurance (insurance cover type)

Means insurance cover that is provided under one premium for life insurance, TPD insurance and IP insurance.

Bundled Total And Permanent Disability And Income Protection Insurance (insurance cover type)

Means insurance cover that is provided under one premium for TPD insurance and IP insurance.

Buy Sell Spread (activity fee type)

Has the meaning as in section 29V(4) of the SIS Act.

Call Centre Services (expense type)

Means the expense incurred for the assistance and services delivered to members through call-centres.

Capital Expenditure (expense type)

Means the expense incurred for capital expenditure. Includes IT capital expenditure.

Cash (strategic sector) / (strategic subsector) / (asset class sector type) (collateral type)

Means cash on hand and demand deposits, as well as cash equivalents. Cash equivalents represent short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Refer to Australian Accounting Standards.

Cash Cash At Bank (asset class characteristic 2)

Means Australian and foreign currency notes and coins, and at call/on demand deposits held in a Banking Institutions.

Cash Cash Management Trust (asset class characteristic 2)

Means a cash management trust or fund which invests in cash and high quality short term securities. Includes: money market funds.

Cash Foreign Exchange Derivative Contracts (asset class characteristic 2)

Means foreign exchange derivative contracts

Cash Offset Derivatives (asset class characteristic 2)

Means the offsetting position created by derivative contracts (excluding foreign exchange derivative contracts)

Cash Short Term Bank Bills Or Securities (asset class characteristic 2)

Means bills of exchange and/or money market instruments issued by a Banking Institution with a short term maturity. Typically issued at a discount and paid at face value at maturity.

Cash Term Deposit (asset class characteristic 2)

Means money placed in a Banking Institution for a fixed period for a stated interest rate. Includes certificates of deposits.

Cash Management Trust (investment vehicle type)

Means a unit trust which is governed by a trust deed which generally confines its investments (as authorised by the trust deed) to financial securities available through the short-term money market. Cash management trusts issue units in the trust that are redeemable by the unit holder on demand.

Choice Product (product type)

Has the meaning as in section 10 of the SIS Act.

Claim

Means a formal request by a policyholder for compensation or coverage for a loss or event covered by an insurance policy.

Claim admitted

Means a final decision to admit the claim has been made.

Claim assessment

Means the result of a claim that the insurer has determined. Possible values are:

• Admitted;
• Declined; and
• Finalised Other.

Claim declined

Means a claim where a final decision to decline the claim has been made.

Claim duration

Means a length of time, in calendar days, between when a claim was received and when the claim was finalised, inclusive of the day the claim was received and the day the claim was finalised.

Claim finalised

Means when the insurer has made a final decision on the claim (e.g. whether to admit or decline the claim) and communicated this decision to the claimant and is not dependent on payment to the insured having been made. Communication by email, text message, facsimile or telephone is deemed to have occurred on the date it was sent. Communication by postal service is deemed to have occurred three business days after it was sent.

Where income protection (IP) payments have commenced prior to a final claim decision being made (so-called goodwill payments), the claim should not be classified as finalised. Such a claim should only be classified as finalised once a final claim decision has been made. If that claim decision is to decline the claim, the claim should be recorded as such, regardless of payments already made.

Claim finalised - other

Means the insurer has made a final decision on the claim, but it does not meet the definition of claim finalised.

Claim paid

Means an insurance provider has made a payment with respect to a claim made by an RSE licensee. Includes: rehabilitation costs or benefits that minimise claims experience or potential prepayment of insured amounts.

Claim paid to member by

Means who has paid the claim to the member.  The claim paid to member by options are:

• RSE Licensee;
• Insurer;
• Other; and
• Not Applicable.

Claim received

Means the point in time where the first piece of information (not necessarily all information) is received by the insurer to allow it to commence the assessment of a claim. At this stage, the insurer has confirmed there is a policy in force that could potentially cover the indicated claim event and has recorded the existence of a claim.

Claim re-opened

Means instances where a claim has previously been finalised or withdrawn, but is re-opened by the insurer during the reporting period. It is expected that a re-opened claim would predominantly relate to a claim that has been finalised or withdrawn during previous reporting periods. It is, however, possible (and acceptable) that re-opened claim could also relate to a claim that has been finalised or withdrawn in the same reporting period as the claim being re-opened.

Claim withdrawn

Means the instance where a received claim is withdrawn and closed before being assessed and finalised.

Collateral type

Means the type of assets that are offered to secure the position with the counterparty.

The collateral type options are:

• Cash;
• Securities;
• Other; and
• Multiple.

Combined Access Type (access type)

Means a superannuation product that can be accessed through a combination of access types: Individual No Advisor, Individual Advisor Only, Standardised Employer, or Tailored Employer.

Commodity Contract (exposure type)

Means a contract that transfers the natural resource price risk on an underlying natural resource from one party to another. Excludes: gold contracts.

Comparison return (%)

Means the return of the investment option, as measured by the comparison return type.

Comparison return type

Means a comparison of returns between investment options. In most cases, this will be the Net Investment Return of the investment option. Where the tax for the investment option is determined on a member by member basis rather than as an aggregate for the investment option, the Gross Investment Return Net Of Fees should be used instead.

Possible values are:

• Gross Investment Return Net Of Fees; and
• Net Investment Return.

Complaints And Feedback Handling (expense type)

Means the expense incurred for the management of direct correspondence from members towards the entity, where there is an expression of dissatisfaction by a member.

Component activity

Components of performance are classified into the following component activities:

• Investment;
• Administration
• Transaction; and
• Advice.

A component of net return can only be characterised as being related to one component activity.

Fees, costs and taxes may be incurred (or refunds received) in undertaking any of these activities. Return may be generated via Investment activities only.

Connected entity - Investments

Has the meaning of a person connected with an RSE licensee under subsection 13(4C) of the Financial Sector (Collection of Data) Act 2001.

Connected entity

Has the meaning of a person connected with an RSE licensee under subsection 13(4F) of the Financial Sector (Collection of Data) Act 2001.

Connected entity (Investment Option Strategy Setting type)

Means the RSE licensee does not engage in any activity relating to the setting of asset allocation targets and each entity that sets asset allocation targets is a connected entity.

Conferences (expense type)

Means the expense incurred in the provision of or attendance at any conference.

Consultant Fees (engagement type)

Means a service arrangements for the provision of consultant services.

Consumer Testing (expense type)

Means the expense incurred for the provision of consumer testing.

Contract type

The contract types are:

• Options;
• Forwards;
• Futures;
• Swaps; and
• Other.

Contribution Fee (activity fee type)

Means a fee charged to a member when a contribution is made to their account.

Contribution Splitting Fee (activity fee type)

Means a fee charged to a member when splitting contributions, an example is a member splitting their pre-tax contribution with a partner.

Cost of cover

Means the total amount deducted from a member’s account in order to pay for the insurance cover provided.  This may include both an insurance premium paid to the insurer and an insurance fee collected by the RSE.

Counterparty identifier

Means a unique identifier representing the counterparty. The Legal Identifier (LEI) or, where applicable, the interim entity identifier of the entity should be used. The Legal Entity Identifier is a 20-digit, alpha-numeric code issued by a Local Operating Unit in accordance with the International Organization for Standardization’s International Standard ISO 17442. The Global Legal Entity Identifier Foundation maintains a free online searchable database of Legal Entity Identifiers, available at https://search.gleif.org/#/search/.

Counterparty rating grade

Means the counterparty rating grade applicable to the derivative contract(s). The counterparty rating grade options are:

•  Grade 1;
•  Grade 2;
•  Grade 3;
•  Grade 4;
•  Grade 5;
•  Grade 6;
•  Grade 7; and
•  Not Applicable.

Counterparty residency status

Means whether the counterparty is a resident of Australia. The counterparty residency statuses are:

• Australian Resident; and
• Non Resident.

Cover valuation basis

Means the method for determining the level of IP insurance cover. The possible values are:

• Agreed Value;
• Indemnity Value; and
• Not Applicable.

Credit (strategic sector) / (strategic subsector)

Means investments in loans, placements or debt securities, which are typically non-investment grade. Reference: Fixed Income Non-investment Grade.

Credit Risk Contract (exposure type)

Means a contract that transfers the credit risk of an underlying asset from one party to another.

Currency code

Means the three letter currency code as assigned by the ISO 4217 Maintenance Agency to a currency defined under the International Organization for Standardization’s International Standard ISO 4217:2015. The ISO 4217 Maintenance agency maintains a free online database of currency codes, available at https://www.iso.org/iso-4217-currency-codes.html.

Currency Exposure (strategic sector) / (asset class sector type)

Means the non-AUD denominated assets held in the portfolio.

Currency hedged (%)

Means where derivative financial instruments are used to reduce the risk of adverse currency movements.

Currency hedging ratio (%)

Means the target level of currency hedging (i.e. where derivative financial instruments are used to reduce the risk of adverse currency movements), which the RSE licensee has adopted as being appropriate to meet the investment objectives of the investment strategy.

Current level of cover

Current level of cover describes the level of cover the member has at the reporting date. The possible values are:

• No Cover;
• Less Cover Than Default;
• Default Level Of Cover;
• More Cover Than Default No Underwriting; and
• More Cover Than Default With Underwriting.

Custody (expense service type)

Means the expense incurred for the provision of any custody services.

Custom (fees and costs arrangement type)

Means a fees and costs arrangement that is not offered to the general membership of the fund, for example a discount arrangement for a large employer.

Custom features

A description of the product features or services that are offered in an alternative manner to members in conjunction with a custom fees and costs arrangement.

Date of change

Means the date an RSE licensee makes a change to reported information in respect of an RSE, defined benefit RSE, PST or ERF.

Declined (claim assessment)

Means where a claim is denied with no benefit paid.

Debt security

Means a security which represents borrowed funds which must be repaid by the issuer with defined terms including the notional amount (amount borrowed), an identifiable return and maturity/renewal date. Includes: short and long-term debt securities.

Default cover offered

Means where an individual member is offered insurance cover as a result of the member:

• becoming a member of an RSE;
• obtaining a product from that RSE;
• attaining a particular age; and/or
• another mechanism specified by the RSE or insurer documentation that does not require member interaction.

Default Level Of Cover (current level of cover)

Means the amount of cover of a specific insurance cover offered that an individual member would have under an insurance policy included in an insurance cluster as at the reporting date had they made no elections relating to their insurance. This amount may be affected by the member’s age, gender, occupation category or other factors as determined by the RSE licensee in conjunction with the insurer.

Default level of cover (dollar amount)

Means the dollar amount of cover of a specific insurance cover offered that an individual member would have under an insurance policy included in an insurance cluster as at the reporting date had they made no elections relating to their insurance.  This amount may be affected by the member’s age, gender, occupation category or other factors as determined by the RSE licensee in conjunction with the insurer.

Default level of cover (percentage of salary)

Means the percentage of salary amount of cover of a specific insurance cover offered that an individual member would have under an insurance policy included in an insurance cluster as at the reporting date had they made no elections relating to their insurance. This default level of cover may be affected by the member‘s age, gender, occupation category or other factors as determined by the RSE licensee in conjunction with the insurer.

Default smoker status

Means the smoker status that a member is allocated until they provide additional information that results in them moving to a different smoker status.

Default worker category

Means the category of worker is allocated to until they provide additional information that result them moving into a different worker category.

Defensive Alternatives (strategic sector) / (strategic subsector)

Means Alternatives that are designed to protect the value of the portfolio with low correlation to traditional markets.

Defined Benefit Accumulation And Retirement (product phase)

Means that the fund supports benefits in both the accumulation and retirement phase. Defined Benefit Accumulation And Retirement (product phase) should be used for defined benefit products online.

Defined benefit member

Means a member who:

a)      satisfies the definition of defined benefit member in regulation 1.03 of the SIS Regulations; or

b)     is being paid a defined benefit pension as defined in regulation 1.03 of the SIS Regulations.

.

Defined benefit members’ benefits

Means the present value of expected future benefit payments to defined benefit members and beneficiaries arising from membership, agreed with the participating employer and measured using actuarial assumptions and valuations where appropriate. The concept of defined benefit members’ benefits aligns with the concept of ‘defined benefit member liabilities’ as defined in Australian Accounting Standards.

Defined Benefit Product (product type)

Means a superannuation product offered where all the members of the fund who hold that class of beneficial interest in the fund are defined benefit members.

Defined Benefit (investment option type)

Means an investment option type offered where all the members of the fund who hold that class of beneficial interest in the fund are defined benefit members.

Defined contribution members’ benefits

Means the present obligation to pay benefits to defined contribution members and beneficiaries.

Derivative net transactions

Means the net value of all transactions of derivatives.

Derivative type

Means the type of derivative being reported, the options are;

• Exchange Traded;
• Over The Counter Cleared; and
• Over The Counter Not Cleared.

Derivatives net market value

Means the net amount of the gross positive market value and gross negative market value of derivative exposures.

Determined

Means a claim that has been finalised by the end of the reporting period.

Developed Markets (international economy type)

Means economies classified as developed by the United Nations Conference on Trade and Development (UNCTAD) under the Development Status Groups classification. The UNCTAD maintains a free online searchable database of the Development Status Groups classification, available at: https://unctadstat.unctad.org/en/classifications.html.

Excludes: Australia.

Development And Maintenance Of Website And Other Digital Tools (expense type)

Means the expense incurred for the technological solutions developed to enable and enhance member engagement and experience, such as online portals, online calculators and applications.

Direct Cash Account (investment option categories)

Means an account whose sole purpose is to hold monies and that does not engage in any investment strategy.

Direct Fixed Income Instrument (investment option categories)

Means a loan, placement or debt security.

Direct Hybrid Security (investment option categories)

Means a security which exhibits elements of both debt and equity securities. The security typically pays the holder an income stream, either fixed or floating, in the form of interest or a dividend. Additionally, the security grants the holder rights, options or other features relating to the underlying issuer. Common hybrid securities include convertible bonds, preference shares and capital notes.

Direct Investment Manager (investment manager level)

Means the first level of management of investment portfolios.

Direct Shares (investment option categories)

Means an ownership interest in a business listed on an exchange and excludes units in all trusts.

Direct Term Deposit (investment option categories)

Means an account in which money has been placed for a fixed period of time for a stated interest rate.

Directly Held (investment type)

Means investments made by the RSE in its own name. Includes investments held by a custodian.

Director Training Costs (expense type)

Means the expense incurred for any directors training expense.

Director Remuneration (engagement type)

Means payments of directors’ fees.

Dishonoured Payment Fee (activity fee type)

Means a fee charged to a member for a dishonoured payment.

Domicile type

Means if the financial instrument is issued in Australia or overseas. The selections available are:

• Australian Domicile;
• International Domicile;
• Not Specified; and
• Not Applicable.

Donation to Political Party (service arrangement engagement type)

 Means payments that are a political donation.

Effective exposure

Means the sum of the value of all physical assets together with the equivalent asset position of the derivative instruments.

Eligible members

Means a description of the members to which a fees and costs arrangement applies, for example, “employees of company XYZ”.

Emerging Markets (international economy type)

Means economies classified as developing or transition by the United Nations Conference on Trade and Development (UNCTAD) under the Development Status Groups classification. The UNCTAD maintains a free online searchable database of the Development Status Groups classification, available at: https://unctadstat.unctad.org/en/classifications.html.

Employer sponsor

Means “Standard employer-sponsor” as defined in section 16 of the SIS Act.

End date

Means:

(1) For a superannuation product that is closed, the last date that there were any member accounts or member assets in the product.

(2) For an investment menu that is closed, the last date that there were any member accounts or member assets invested in the menu.

(3) For an investment option that is closed, the last date that there were any member accounts or member assets in the investment option.

(4) For a fees and costs arrangement, the last date that the fees and costs arrangement was applicable to any members within the fund.

Engagement type

Means type of engagement related to an expense. The engagement type options are:

• Other Payments;

• Ongoing Payment To Service Provider;
• Consultant Fees;
• Staff Wages;
• Accounting Adjustments;
• Travel Entertainment And Conferences;
• Director Remuneration;
• Executive Remuneration; and
• Donation To Political Party.

Entertainment (expense type)

Means the expense incurred for the provision of any entertainment services.

Equity (strategic sector) / (strategic subsector) / (asset class sector type)

Means an ownership interest in a business, trust or partnership. Includes: common shares, preference shares and units. Excludes: units in property trusts, units in infrastructure trusts.

Equity Contract (exposure type)

Means a contract that transfers the equity risk on an underlying equity security from one party to another. Excludes: credit risk on an underlying equity security.

Equity Listed Active (asset class characteristic 2)

Means an investment strategy which is not passive.

Equity Listed Large Cap (asset class characteristic 1)

Generally in Australia, this includes securities with a market capitalisation that is in the top 50 listed on the Australian Stock Exchange. In all other countries, this includes securities in the top 70% of the free float-adjusted market capitalisation.

Equity Listed Micro Cap (asset class characteristic 1)

Generally in Australia, this includes securities with a market capitalisation that is outside the top 200 listed on the Australian Stock Exchange. In all other countries, this includes securities in the bottom 99th to 100th percentile of the free float-adjusted market capitalisation.

Equity Listed Mid Cap (asset class characteristic 1)

Generally in Australia, this includes securities with a market capitalisation that is in the top 100 listed on the Australian Stock Exchange excluding the top 50. In all other countries, this includes securities in the top 70th to 85th percentile of the free float-adjusted market capitalisation.

Equity Listed Passive (asset class characteristic 2)

Means an investment strategy whose objective is to replicate a benchmark portfolio or index of stocks.

Equity Listed Small Cap (asset class characteristic 1)

Generally in Australia, this includes securities with a market capitalisation that is in the top 200 listed on the Australian Stock Exchange excluding the top 100. In all other countries, this includes securities in the bottom 86th to 98th percentile of the free float-adjusted market capitalisation.

Equity Unlisted Development Or Early Stage (asset class characteristic 1)

Means an unlisted equity investment in a business research or expansion phase with immaterial income generation.

Equity Unlisted Established Or Late Stage (asset class characteristic 1)

Means an unlisted equity investment in a business in an income generating phase.

Equity Unlisted Growth Equity (asset class characteristic 2)

Means an investment strategy that invests in established companies to enable significant growth opportunities, generally without a change in control of the business.

Equity Unlisted Leveraged Buyout (asset class characteristic 2)

Means an investment constituting the acquisition of a company using a significant amount of leverage, often attained using the target company’s assets as collateral.

Equity Unlisted Other (asset class characteristic 2)

Means an alternative investment strategy which is not accurately described by any of the available characteristics.

Equity Unlisted Special Situations (asset class characteristic 2)

Means an investment strategy that identifies investment opportunities in assets that are affected by unusual events.

Equity Unlisted Venture Capital (asset class characteristic 2)

Means an investment strategy that identifies investment opportunities in small companies which are anticipated to deliver long-term growth potential.

Equivalent Asset Position

Means the dollar amount of the underlying physical asset that needs to be held to generate the same return as holding the derivative.

Establishment Fee (activity fee type)

Means a fee charged triggered by the opening an account or facility for a member.

Exchange code

Means the code of the exchange on which any exchange-traded assets are listed.

Exchange Traded (derivative type)

Means a standardised derivative contract transacted on a recognised stock exchange, subject to daily mark-to-market and margin settlements.

Exchange Traded Product (investment option type)

Means securities traded on an exchange which invest in or give exposure to one or more securities or assets. Investment objectives typically align to replicating a benchmark index or the value of a commodity or currency. Common exchange traded products include exchange traded funds, mFunds, structured products and exchange traded bonds.

Executive Remuneration (engagement type)

Has the meaning as in section 29QB (1) of the SIS Act. 

Expense Category Type

Means the expense category for which the profit attributable to expense amounts is incurred. The expense category type options are:

• Administration And Other Expenses
• Investment Management Expenses

Expense group

Means categories of expenses that can be reported. The expense group options are:

• Administration Services;
• Advice;
• Member Services;
• Marketing;
• Trustee;Board
• Fund Operatioans And Corporate Overheads; and
• Other.

Expense service type

Means the expense service types that can be reported. The expense service type options are:

• Investment Administration;
• Investment Consulting;
• Investment Management;
• Brokerage;
• Custody;
• Asset Consultant;
• Implemented Consultant;
• Investment Research;
• Valuation; and
• Other.

Expense type

Means the expense types that can be reported. The expense type options are;

• Accounting Adjustments
• Accounting and Finance;
• Actuarial Services;
• Advertising Or Marketing;
• Board And Board Committees
• Call Centre Services;
• Capital Expenditure;
• Complaints And Feedback Handling;
• Conferences;
• Consumer Testing;
•  Development And Maintenance Of Website And Other Digital Tools
• Entertainment;
• External Audit;
• Financial Planners;
• Financial Planning Payments To Externals;
• Human Resources
• Insurance Administration;
• Internal Audit;
• Intra Fund Advice;
• IT Services;
• Legal;
• Member Account Administration
• Member Campaigns;
• Member Communication;
• Member Education;
• Member Wrap Platform;
• Memberships;
• Merger Implementation;
• Merger Investigation;
• Motor Vehicles;
• Political Donations;
• Premises;
• Professional Indemnity;
• Regulatory Levies;
• Research and Data Analytics;
• Risk And Compliance
• Sponsorship;
• Strategy And Planning
• Training;
• Travel; and
• Other.

Expense with a related party

A payment included in the list described in Paragraph 2.10(1)(h)(i)-(vi) of the SIS Regulations.

Exposure type

Means the exposure type applicable to the derivative contract(s). The exposure type options are;

• Interest Rate Contract;
• Foreign Exchange Contract;
• Credit Risk Contract;
• Equity Contract;
• Commodity Contract; and
• Other Contract.

External Audit (expense type)

Means the expense incurred for the provision of external audit services.

Externally managed – connected entity (Investment Option Management Type)

Means the RSE licensee of the fund does not engage in any activity relating to the management of investments in respect of the investment option interest; and that each entity that manages investments in respect of the investment option is a connected entity.

Externally managed – non connected entity (Investment Option Management Type)

Means the RSE licensee of the fund does not engage in any activity relating to the management of investments in respect of the investment option interest, and that each entity that manages investments in respect of the investment option is not a connected entity.

External product investment options

Means investment options with investment option management type of externally managed – non connected entity and investment option strategy setting type of non connected entity.

Family Law (activity fee type)

Means a fee charged to cover the costs of activities carried out for family law purposes on behalf of members.

Fees and costs arrangement

Means a set of fees and costs that are applicable to members depending on how they have accessed the fund.  For example, if an RSE has a set of fees and costs for general membership and a different set of fees and costs for a large employer, APRA would expect two fees and costs arrangements to be reported.

Fees and costs arrangement identifier (FCAI)

Means a unique identifier created by the RSE licensee to represent a fees and costs arrangement. The FCAI must satisfy the following conditions;

• it must comprise no more than 20 alpha-numeric characters (with no special characters);

• it cannot be the same as the FCAI used for another fees and costs arrangement within the same RSE, DB RSE or ERF;

• it cannot change so long as the fees and costs arrangement exists; and

• it must be reported consistently across reporting periods.

Fees and costs arrangement level

Fees and costs arrangement level is an indicator variable denoting the level of usage of the fees and costs arrangement.

The fees and costs arrangement level options are:

• Superannuation product;
• Investment menu; and
• Investment option.

Fees and costs arrangement type

Fees and costs arrangement type is an indicator variable denoting the usage of the fees and costs arrangement.

The fees and costs arrangement type options are:

• Standard; and
• Custom.

Fees and costs component activity

Fees and costs component activity indicates the categorisation of the activities giving rise to fees and costs as specified by the relevant RG 97 version.

The fees and costs component activity options are:

• Investment;
• Administration;
• Transaction;
• Advice; and
• Member Activity.

Fees and costs component type

Fees and costs component type indicates the categorisation of fees and costs as specified by the relevant RG 97 version.

The fees and costs component type options are:

• Indirect Costs;
• Indirect Cost Ratio;
• Fees Deducted Directly From Member Account; and
• Other Fees And Costs.

Fees Deducted Directly From Member Account (performance component type) / (fees and costs component type)

Means the amount that is required to be inserted in a periodic statement under item 301(2)(a), Schedule 10 of the Corporations Regulations 2001.

Fees deducted directly from member account must be reported gross of:

(i) income tax and GST, after being reduced by any reduced inputs tax credits; and

(ii) stamp duty; and

without adjustment in relation to:

(i) any tax deduction available to the responsible entity, operator or trustee; or

(ii) the extent to which any tax deduction may be passed on to members.

Female (sex)

Means persons who have female or predominantly feminine biological characteristics, or female sex assigned at birth.

Finalised Other (claim assessment)

Means the insurer has made a final decision on the claim, but it does not meet the definition of admitted or declined.

Financial Advice (activity fee type)

Means a fee charged to cover the costs of financial advice provided to members.

Financial Hardship Application (activity fee type)

Means a fee charged to cover the costs of processing financial hardship applications by members.

Financial Planners (expense type)

Means the expense incurred for the provision of financial planners employed by the RSE licensee.

Financial Planning Payments To Externals (expense type)

Means the expense incurred for the provision of financial planning payments to external companies or individuals (not employed by the RSE licensee).

Fixed Income (strategic sector) / (strategic subsector) / (asset class sector type)

Means a loan, placement or debt security.

Fixed Income Asset Backed Commercial Mortgage (asset class characteristic 2)

Means a debt security backed by a pool of mortgages for commercial properties.

Fixed Income Asset Backed Other (asset class characteristic 2)

Means a debt security backed by a pool of non-mortgage assets such as loans or debt from consumer credit products.

Fixed Income Asset Backed Residential Mortgage (asset class characteristic 2)

Means a debt security backed by a pool of mortgages for residential properties.

Fixed Income Bonds Corporate (asset class characteristic 2)

Means a public placement of a debt security issued by a corporate entity which can typically be traded in a secondary market.

Fixed Income Bonds Government  Inflation-linked (asset class characteristic 2)

Means a debt security issued by a government for which the capital value of the security is indexed or adjusted for movements in the inflation rate. Interest is paid at fixed date and at a fixed rate, determined on issue, on the adjusted capital value.

Fixed Income Bonds Government Coupon (asset class characteristic 2)

Means a debt security issued by a government with fixed maturity date. Coupon payment is fixed for the life of the bond at its first issue. Excludes: Inflation-linked Government bonds.

Fixed Income Bonds Government Other (asset class characteristic 2)

Means a debt security issued by a government that does not meet the definition of the other characteristics available.

Fixed Income Bank Bills Or Securities (asset class characteristic 2)

Means bills of exchange and/or money market instruments issued by a Banking Institution with a short term maturity, that do not qualify as cash equivalents. Typically issued at a discount and paid at face value at maturity.

Fixed Income Development (asset class characteristic 1)

Means a private debt investment where the purpose is to construct or develop a real asset.

Fixed Income Enhanced Cash (asset class characteristic 2)

Means an indirectly held investment in a portfolio of cash and short term fixed income securities that seeks a return above cash through increased risk exposure in assets with higher duration, credit risk and illiquidity over cash. Unlike cash funds, the portfolio may suffer capital loss under severe market conditions.

Fixed Income Established (asset class characteristic 1)

Means a private debt investment secured by a real asset in an income generating phase and is subject to immaterial levels of construction risk.

Fixed Income Excluding Credit (strategic sector) / (strategic subsector)

Means investments in fixed income excluding credit. Reference: Credit.

Fixed Income Investment Grade (asset class characteristic 1)

Means a debt security with counterparty rating of Grade 1 to Grade 4.

Fixed Income Long Term (asset class characteristic 3)

Means a debt security with an original term to maturity of more than one year.

Fixed Income Mezzanine Debt (asset class characteristic 2)

Means a subordinated security that sits between the equity and senior secured debt in priority in the event of default. The security is typically highly tailored and illiquid.

Fixed Income Non Investment Grade (asset class characteristic 1)

Means a debt security with counterparty rating of Grade 5 and below.

Fixed Income Other (asset class characteristic 2)

Means a loan, placement or debt security that does not meet the definition of the other fixed income characteristics provided.

Fixed Income Private Debt (asset class characteristic 2)

Means an investment in a loan or debt that is not publicly issued or traded in a secondary market, which are not evidenced by the issue of debt securities.

Fixed Income Short Term (asset class characteristic 3)

Means a debt security with an original term to maturity of one year or less.

Fixed Income Structured Non-Asset Backed (asset class characteristic 2)

Means a debt security created through a securitisation process which involves the pooling of assets, or interests in assets, in a special purpose vehicle (SPV), which is funded by the issue of securities and which is not backed by a pool of assets.

Fixed Income Term Deposit (asset class characteristic 2)

Means money placed in a Banking Institution for a fixed period for a stated interest rate. Includes certificates of deposits and term deposits that do not qualify as cash equivalents.

Flat (tier type)

Flat tier means that for members with a balance between the tier lower bound and tier upper bound, a flat expense or benefit will be applied to the members’ entire balance.

Flat dollar amount

Means the expense or benefit attributable to a member expressed as a flat dollar amount.

Foreign Exchange Contract (exposure type)

Means a contract that transfers the exchange rate risk on an underlying asset from one party to another. Includes: gold contracts.

Forwards (contract type)

Means a negotiated agreement to exchange a predetermined amount of an underlying asset financial instrument at a specified future date and at a predetermined price.

Fund Operations And Corporate Overheads (expense group)

Means the expense incurred for the provision of corporate overheads services and operation.

Futures (contract type)

Means a standardised agreement to exchange a predetermined amount of an underlying asset financial instrument at a specified future date and at a predetermined price.

Gearing proportion

Means the proportion of the investment value which is geared. Gearing represents borrowings for the purpose of boosting the return on capital and income via additional investment.

Generic (investment menu type)

A Generic investment menu is an investment menu that is not a Platform or Lifecycle Option investment menu.

Generic (product category)

Means products that do not fall into one of the following product categories:

• Insurance Only;
• MySuper Material Goodwill; or
• MySuper Large Employer.

Grade 1 (counterparty rating grade)

Means a rating of Standard & Poor’s AAA, Moody’s Aaa, AM Best aaa, Fitch AAA.

Grade 2 (counterparty rating grade)

Means a rating of Standard & Poor’s AA+, AA, AA-; Moody’s Aa1, Aa2, Aa3; AM Best aa+, aa, aa-; Fitch AA+, AA, AA.

Grade 3 (counterparty rating grade)

Means a rating of Standard & Poor’s A+, A, A-; Moody’s A1, A2, A3; AM Best a+, a, a-; Fitch A+, A, A-.

Grade 4 (counterparty rating grade)

Means a rating of Standard & Poor’s BBB+, BBB, BBB-; Moody’s Baa1, Baa2, Baa3; AM Best bbb+, bbb, bbb-; Fitch BBB+, BBB, BBB-.

Grade 5 (counterparty rating grade)

Means a rating of Standard & Poor’s BB+, BB, BB-; Moody’s Ba1, Ba2, Ba3; AM Best bb+, bb, bb-; Fitch BB+, BB, BB-.

Grade 6 (counterparty rating grade)

Means a rating of Standard & Poor’s B+, B, B-; Moody’s B1, B2, B3; AM Best b+, b, b-; Fitch B+, B, B-.

Grade 7 (counterparty rating grade)

Means a rating of Standard & Poor’s CCC or below; Moody’s Caa or below; AM Best b or below; Fitch CCC or below; unrated.

Gross Investment Return (return measurement) / (option return type) / (performance component type)

Means the time-weighted rate of return, adjusted for cash flows as they occur.

Indirect Costs, Indirect Cost Ratio, Other Fees And Costs, Fees Deducted Directly From Member Account and Tax should not be netted off this return.

Gross Investment Return Net Of Fees (return measurement) / (option return type) / (comparison return type)

Means the time-weighted rate of return on investments, net of Indirect Costs, Indirect Cost Ratio, Other Fees And Costs and Fees Deducted Directly From Member Account with a fees and costs component activity type of Investment or Transaction, adjusted for cash flows as they occur.

Tax should not be netted off this return.

If there is a range in the amount of applicable fees and costs that may be charged, the calculation must use the highest fees and costs in the range.

Gross negative market value

Means the aggregate amount of all exposures with a negative market value.

Gross positive market value

Means the aggregate amount of all exposures with a positive market value.

Group Company (service provider relationship type)

Means a parent company that has a shareholding in both the service provider and the trustee.

Group insurance policy

Means a superannuation insurance policy that provides insured benefits in respect of the membership agreed between the RSE licensee and the insurer.

Group Insurance Policy (insurance policy type)

Means that the insurance cluster consists of one or more group insurance policies.

Growth Alternatives (strategic sector) / (strategic subsector)

Means Alternatives that are designed to generate strong returns. Excludes: Defensive Alternatives.

Human Resources (expense type)

Means the expense incurred for the provision of any human resources services.

Includes: Recruitment

Excludes: Training

Implemented Consultant (expense service type)

Means the expense incurred for the provision of any implemented consultant services.

In force

Means an insurance policy is valid or in operation.

Inactive

Has the meaning as in subsection 68AAA(3) of the SIS Act.

Inception date

Means:

(1) For a superannuation product, the first date that it was possible for a member or prospective member to open an account within the product;

(2) For an investment menu, the first date that any investment options were available to be selected through the menu; and

(3) For an investment option, the first date that the investment option was available through any investment menu within the RSE, defined benefit RSE or ERF.

(4) For a fees and costs arrangement, the first date that the fees and costs arrangement was applicable to any members within the fund.

Includes cover for category 1 occupations

Means occupations that are sedentary and of a professional nature, where the primary work task(s) associated with the occupation does not have a physical element, where over 80 per cent of hours are spent in an office environment and minimal exposure to unusual occupational hazards.

Category 1 occupations must satisfy one of the following:

• tertiary qualified;
• membership of a professional body;
• registration by a government body; or
• hold a senior management role within an organisation.

Includes cover for category 2 occupations

Means occupations that are sedentary and of a white-collar nature, where the primary work task(s) associated with the occupation does not have a physical element, where over 80 per cent of hours are spent in an office environment and minimal to no exposure to unusual occupational hazards.

Includes cover for category 3 occupations

Means occupations that are active and of a light, blue-collar nature, where the primary work task(s) associated with the occupation involve light manual duties (under 20 per cent of time pent), and possible exposure to unusual occupational hazards. An example would be an employee supervising other staff performing blue collar activities.

Includes cover for category 4 occupations

Means occupations that are active and of a blue-collar nature, where the primary work task(s) associated with the occupation involve manual duties (over 20 per cent of hours worked), and possible exposure to unusual occupational hazards. An example would be a qualified trades person.

Includes cover for category 5 occupations

Means occupations that are active and of a heavy blue-collar nature, where the primary work task(s) associated with the occupation involve heavy manual duties, and possible exposure to unusual occupational hazards.

Includes cover for category 6 occupations

Means an occupation that satisfies the dangerous occupation exception in section 68AAF of the SIS Act.

Income protection (IP) insurance

Means the temporary incapacity cover provided to members, where ‘temporary incapacity’ has the meaning as in regulation 6.01 of the SIS Regulations.

Income protection benefit period

Means the period of time a member will receive income protection payments over.

The income protection benefit period options are:

• Up To 1 Year;
• Up To 2 Years;
• Up To 5 Years;
• Until Age 60;
• Until Age 65;
• Until Age 67;
• Until Age 70;
• Other; and
• Not Applicable.

Income Protection Insurance (IP) (insurance cover type)

Insurance cover is provided for income protection (IP) insurance.

Income protection waiting period

Means the period of time in days a member must wait before income protection payments can be made.

Indemnity Value (cover valuation basis)

Means where insurance covers a person for a salary value that is verified when a claim is made.

Indirect cost

Has the meaning as in item 101, Schedule 10 of the Corporations Regulations 2001.

Indirect cost (non RSE licensee)

Means the indirect cost that is separately disclosed by the external manager or product provider and is not disclosed by the RSE licensee. see cl 102(1)(h) of Sch 10.

For superannuation products, indirect costs form part of investment fees and costs or administration fees and costs: see cl 101of Sch 10. For managed investment products and notified foreign passport fund products, indirect costs form part of management fees and costs: see cl 102(1)(h) of Sch 10.

Indirect Cost Ratio (ICR) (performance component type) / (fees and costs component type)

Means the ratio of the total indirect costs for an investment option, to the average net assets of the investment option over the reporting period. A fee deducted directly from a member’s account is not included in the indirect cost ratio.

Indirect Costs (performance component type) / (fees and costs component type)

Has the meaning as in item 101, Schedule 10 of the Corporations Regulations 2001.

Indirect Parent (service provider relationship type)

Means where the service provider has a shareholding in a Parent company of the RSE licensee.

Indirect Subsidiary (service provider relationship type)

Means where the RSE licensee has a shareholding in a Parent company of the service provider.

Indirectly Held (investment type)

Means an investment made via an investment vehicle.

Individual Advisor Only (access type)

Means superannuation products that can only be accessed by individuals through an approved advisor.

Individual insurance policy

Means a superannuation insurance policy that provides insured benefits in respect of one member.

Individual Insurance Policy (Insurance policy type)

Means that the insurance cluster consists of one or more individual insurance policies.

Individual No Advisor Required (access type)

Means a superannuation product that can be accessed by individuals without the need for an employer relationship or an approved advisor.

Individually managed mandate

Means an asset portfolio managed by an investment manager in accordance with a formal agreement.

Industrial Body (Service Provider Type)

Means where payments made by or on behalf of the RSE licensee in respect of the RSE during the year of income to another entity who, at the time of receiving the payment, was an organisation (within the meaning of the Fair Work (Registered Organisations) Act 2009).

Industry Association (Service Provider Type)

Means an association incorporated in any Australian State or Territory; which represents entities in the superannuation industry.

Infrastructure (strategic sector) / (strategic subsector) / (asset class sector type)

Means the basic physical systems of a country, state or region including transportation, communication, utilities, and public institutions.

Infrastructure Airports (asset class characteristic 2)

Means infrastructure investments in airports.

Infrastructure Communications (asset class characteristic 2)

Means investments in communications infrastructure.

Infrastructure Development (asset class characteristic 1)

Means an infrastructure investment predominantly non-income generating and is subject to material levels of construction risk.

Infrastructure Diversified (asset class characteristic 2)

Means a diversified portfolio of infrastructure assets.

Infrastructure Energy Assets (asset class characteristic 2)

Means investments in energy assets such as electricity and gas infrastructure.

Infrastructure Established (asset class characteristic 1)

Means an infrastructure investment which is in an income generating phase and is subject to immaterial levels of construction risk.

Infrastructure Government (asset class characteristic 3)

Means an infrastructure investment owned by a federal, state, territory or local government, or corporations owned or controlled by a federal, state, territory or local government.

Infrastructure Non Government (asset class characteristic 3)

Means an infrastructure investment that is not owned by a federal, state, territory or local government, or corporations owned or controlled by a federal, state, territory or local government.

Infrastructure Other (asset class characteristic 2)

Means investments in infrastructure outside of the categories listed.

Infrastructure Ports (asset class characteristic 2)

Means infrastructure investments in ports.

Infrastructure Public Private Partnership (asset class characteristic 3)

Means an arrangement between the public and private sector for the development, delivery, operations, maintenance, and financing of public infrastructure.

Infrastructure Railways (asset class characteristic 2)

Means infrastructure investments in railways.

Infrastructure Social Availability (asset class characteristic 2)

Means investments in social infrastructure such as schools, hospitals and prisons.

Infrastructure Toll Roads (asset class characteristic 2)

Means infrastructure investments in toll roads.

Infrastructure Utilities (asset class characteristic 2)

Means an infrastructure investment embodying a utility service such as water.

Insourced (insourced or outsourced)

Means the performance of functions, processes or projects with internal resources.

Insourced or outsourced

Means the performance of functions, processes or projects with internal or external resources to the RSE licensee.

Insurance Administration (expense type)

Means the expense incurred for the processing and management of insurance arrangements for members.

Insurance cluster

Means a collection of one or more superannuation insurance policies held by an RSE licensee, issued by the same life insurance company.

Insurance cluster end date

For a single policy means the last date that the superannuation insurance policy was in force. For aggregated policies, means the last date that any of the superannuation insurance policies within the insurance cluster was in force.

Insurance cluster identifier (ICI)

Means a unique identifier created by the RSE licensee to represent an insurance cluster.

The ICI must satisfy the following rules:

• it must comprise no more than 20 alpha-numeric characters (with no special characters);

• it cannot be the same as the ICI currently or previously used for another insurance cluster within the same RSE, defined benefit RSE or ERF; and

• it cannot change so long as the insurance cluster exists and must be reported consistently across reporting periods.

Insurance cluster open to new members

An insurance cluster is open to new members if members that satisfy the relevant criteria by the RSE licensee and/or life insurance company can take out cover under a superannuation insurance policy in the insurance cluster.

Insurance cluster start date

For a single policy, means the first date that the superannuation insurance policy was in force.

For aggregated policies, means the first date that any of the superannuation insurance policies within the insurance cluster was in force.

Insurance cluster subgroup

Means the description of a collection within an insurance cluster of one or more insurance policies offered to members where terms may vary from other members. For example, members from a specific employer may have different terms or conditions to general membership.

Insurance cover type

Indicates the type of insurance cover being described.

Possible insurance cover types are:

• Life Insurance;
• Total And Permanent Disability Insurance;
• Income Protection Insurance;
• Bundled Life And Total And Permanent Disability Insurance;
• Bundled Life And Income Protection Insurance;
• Bundled Total And Permanent Disability And Income Protection Insurance;
• Bundled Life Total And Permanent Disability And Income Protection Insurance; and
• Other Insurance.

Insurance Fee (activity fee type)

Has the meaning as in section 29V(9) of the SIS Act.

Insurance Only (product category)

Means products in the accumulation phase and which provide for insurance benefits only. The member does not have an accumulated account balance because all contributions and rollovers are used to pay for insurance premiums or fees.

Insurance Only (investment option type)

Means investment options in the accumulation phase and which provide for insurance benefits only. The member does not have an accumulated account balance because all contributions and rollovers are used to pay for insurance premiums or fees.

Insurance policy

Means a contract between an RSE licensee and an insurance company to provide insurance in respect of a member or group of members.

Insurance policy type

Means the type of superannuation insurance policy offered within an insurance cluster.

Possible insurance policy types are:

• Group Insurance Policy; and
• Individual Insurance Policy.

Insurance premium

Means an amount paid for the provision of insurance under an insurance policy. Excludes: legacy insurance arrangements where no insurance premium is payable because the insurance policy is based on a surrender value.

Insurance premium collected

Means the amount of insurance premium collected from member accounts.

Insurance premium paid

Means insurance premium paid to the life insurance company for the provision of cover under an insurance policy.

Insurance premium rebate

Means rebates received from the life insurance company in respect of members’ insurance premiums paid to that insurer. Includes: all rebates regardless of how or to whom the rebate is paid, such as directly to the RSE licensee or an employer sponsor of the RSE, defined benefit RSE or ERF.

Insurance premium rebate received

Means the value of insurance premium rebate received from the life insurance company.

Insurance reporting level

Means the number of superannuation insurance policies included within an insurance cluster.

Possible insurance reporting levels are:

• Single Policy; and
• Aggregated Policies.

Insurance table identifier

Means a unique identifier created by the RSE licensee used to represent insurance arrangements.

The insurance table identifier must satisfy the following rules:

• it must comprise no more than 20 alpha-numeric characters (with no special characters);
• it cannot be the same as the insurance table number currently or previously used for another insurance arrangement within the same RSE or defined benefit RSE; and
• it cannot change so long as the insurance arrangement exists and must be reported consistently across reporting periods.

Interest Rate Contract (exposure type)

Means a contract that transfers the interest rate risk on an underlying asset from one party to another.

Internal Audit (expense type)

Means the expense incurred for the provision of internal audit services.

Internally managed (investment option management type)

Means investment management is carried out by the RSE licensee

International Domicile (domicile type)

Means financial instruments issued outside Australia.

International economy type

The international economy types are:

• Emerging Markets;
• Developed Markets;
• Not Specified; and
• Not Applicable.

Intra Fund Advice (expense type)

Means financial product advice given by an RSE licensee (or an employee of, or another person acting under arrangement with, the RSE licensee) of an RSE, defined benefit RSE or ERF to its members, where that advice is not of a kind to which the prohibition in section 99F of the SIS Act applies.

Investment (component activity) / (fees and costs component activity)

Means activities that give rise to ‘investment fees’ as defined in item 101, Schedule 10 of the Corporations Regulations 2001.

Excludes Administration and Transaction activities.

Investment administration

(expense service type)

Means the expense incurred for the provision of any investment administration services.

Investment cap

Means the maximum percentage of a member’s balance that is permitted to be invested into an investment option or investment menu.

Investment charge type

The investment charge type indicates the circumstances in which the fee or cost is incurred. The investment charge types are:

• Base;
• Performance Linked; and
• Not Applicable.

Investment Consulting (expense service type)

Means the expense incurred for the provision of any investment consulting services. Excludes asset consulting.

Investment horizon

Means the defined investment horizon for the return objective. The investment horizon is calculated by length of time over which the return of the investment option, as measured by the return measurement, is expected to exceed the return objective target return.

Investment Management (expense service type)

Means the expense incurred for the provision of any investment management services.

Investment Management Expenses (expense category type)

Means the profit was attributable to an investment management expense.

Investment manager level

Fees and costs related to Investment activities are classified by their investment manager level.

The investment manager levels are:

• Direct Investment Manager;
• Underlying Investment Manager; and
• Not Applicable.

Investment menu

Means a grouping of investment options offered by a fund within a superannuation product that has a defined fee and cost structure incurred by members in order to access those investment options.

This is required to be included for consistency within the data model even if there are no fees or costs incurred at this level.

The same investment menu may be made available to more than one superannuation product.

Where the associated superannuation product is a lifecycle product, the investment menu represents the collection of  lifecycle stages or cohorts.

Investment menu identifier (IMI)

Means a unique identifier created by the RSE licensee used to represent an investment menu.

The IMI must satisfy the following rules:

• it must comprise no more than 20 alpha-numeric characters (with no special characters);
• it cannot be the same as the IMI used for another investment menu within the same RSE, defined benefit RSE or ERF; and
• it cannot change so long as the investment menu exists and must be reported consistently across reporting periods (including if the name of the investment menu or the investment options available change).

Investment menu type

The investment menu types are:

• Generic;
• Platform; and
• Lifecycle Option.

Investment option

Has the meaning as in section 1017BB(6) of the Corporations Act 2001, except for lifecycle products where each lifecycle stage or cohort should be reported at this level.

The same investment option may be made available to more than one investment menu.

Investment option categories

The investment option categories are:

• Single Sector;
• Multi Sector;
• Direct Cash Account;
• Direct Term Deposit;
• Direct Fixed Income Instrument;
• Direct Shares;
• Direct Hybrid Security;
• Annuity; and
• Other.

Investment option identifier (IOI)

Means a unique identifier created by the RSE licensee used to represent an investment option.

The IOI must satisfy the following rules:

• it must comprise no more than 20 alpha-numeric characters (with no special characters);
• it cannot be the same as the IOI used for another investment option within the same RSE , defined benefit RSE or ERF; and
• it cannot change so long as the investment option exists and must be reported consistently across reporting periods (including if the name of the investment option changes).

Investment Option Management Type

The Investment Option Management types are:

• Internally Managed
• Externally Managed – Connected Entity
• Externally Managed – Non Connected Entity
• Not Applicable

Investment Option Strategy Setting type

The Investment Option Strategy Setting types are:

• RSE Licensee;
• Connected Entity; and
• Non-connected Entity

Investment option type

The investment option types are:

• Multi Manager;
• Single Asset;
• Exchange Traded Product;
• Listed Investment Company;
• Single manager – other listed;
• Single manager – unlisted;
• Managed Discretionary Account;
• Separately Managed Account;
• Insurance Only; and
• Defined Benefit.

Investment Research (expense service type)

Means the expense incurred for the provision of any investment research services.

Investment type

Means the type of investment characterised by the medium through which the RSE, defined benefit RSE or ERF holds the investment. The investment types are:

• Directly Held; and
• Indirectly Held.

Investment vehicle type

Means the type of investment vehicle holding the investments. The investment vehicles are:

• Cash Management Trust;
• Life Company Guaranteed;
• Life Company Investment Linked;
• Life Company Other;
• Pooled Superannuation Trust;
• Retail Trust;
• Wholesale Trust;
• Other Indirect Investment; and
• Not Applicable.

Investment vehicle –connected entity

Means an investment vehicle  of a connected entity - investments.

Investment vehicle – non connected entity

Means an investment vehicle of a entity that is not a connected entity – investments.

IT Services(expense type)

Means the expense incurred for corporate IT services for the RSE licensee in respect of the RSE.

Legacy Product

Means a superannuation product that is closed to new members but existing members may continue to make contributions.

Legal (expense type)

Means the expense incurred for any legal service providers.

Less Cover Than Default (current level of cover)

Means where, the member has cover as at the reporting date, but they have elected to have less cover than the Default Level Of Cover.

Life Company Guaranteed (Investment vehicle type)

Means the provision of benefits payable under an ‘investment account contract’, where an ‘investment account contract’ is a contract within the meaning given in s 14(2) of the Life Insurance Act 1995.

Life Company Investment Linked (investment vehicle type)

Means the provision of benefits payable under an ‘investment-linked contract’, where an ‘investment-linked contract’ is a contract within the meaning given in s 14(4) of the Life Insurance Act 1995.

Life Company Other (investment vehicle type)

Means any investment in a life insurance company that does not otherwise fall into the definition of life company guaranteed or life company investment linked.

Life insurance

Means a death benefit provided in accordance with section 68AA(1)(b) of the SIS Act.

Life Insurance (insurance cover type)

Means insurance cover that is provided for life insurance.

Life insurance company

Means a company registered by APRA under section 17 of the Life Insurance Act 1995.

Life insurance company ABN

Means the ABN of a life insurance company.

Life insurance company name

Means the business name of a life insurance company.

Lifecycle exception

Has the meaning as in section 29TC(2) of the SIS Act.

Lifecycle Option (investment menu type)

Means an investment menu that combines one or more age or life stages of a lifecycle investment strategy together.

Lifecycle product

Means a superannuation product to which a lifecycle exception applies.

Listed (listing type)

Means a financial instrument that is traded through an Australian or international stock exchange.

Listed Investment Company (investment option type)

Means a listed investment vehicle that offers access to a portfolio of shares.

Listing type

Means if the financial instrument reported is traded through an Australian or international stock exchange, the selections available are:

• Listed;
• Unlisted; and
• Not Specified; and
• Not Applicable.

Loan

Means a financial asset which is created when a creditor lends funds directly to a debtor, and is evidenced by documents that are non-negotiable.

Lost Member Search Fee (activity fee type)

Means a fee charged to a member that is triggered upon a lost member search.

Male (sex)

Means persons who have male or predominantly masculine biological characteristics, or male sex assigned at birth.

Managed discretionary  account

Has the meaning of a Managed Discretionary Account Services (MDA) service as defined in ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968.

Marginal (tier type)

Marginal tiers mean where only the portion of the member’s balance that falls between the tier upper bound and tier lower bound will be considered when determining the fee, expense or benefit.

Market value of investments

Means the market value of investments within the arrangement as at the end of the reporting period.

Marketing (expense group)

Where the service provider is not the RSE or RSE Licencee, means the expense incurred for the provision of any promotion, marketing or sponsorship expense.

(i) the payment has been made, or is to be made, by or on behalf of the entity under a contract during the year of income;

(ii) the purpose of the payment is promoting the entity, promoting a particular view on behalf of the entity or sponsorship on behalf of the entity; and

(iii) the payment is not a gift (within the meaning of Part XX of the Commonwealth Electoral Act 1918) whose amount or value is to be included in the sum referred to in paragraph (c) of this subregulation.

Where the service provider is the RSE or RSE Licensee, means any other expense incurred for the purpose of promotion or marketing.

Maximum charge ($)

Means the highest value of the dollar reduction in a member’s balance that will be incurred by a member when applying a fee or cost expressed as a percentage value (% of balance) or percentage value (% of transaction).

Maximum charge (%)

Means the highest value of the percentage reduction in a member’s balance that will be incurred by a member when applying a fee or cost expressed as a flat dollar amount.

Member account

Means a distinct entry recorded in the register of member accounts (or other equivalent mechanism).

Member Account Administration (expense type)

Means the expense incurred for the systems utilised to process member transactions, including; contributions, transfers and withdrawals as well as upkeep and maintenance of member records.

Member Activity (fees and costs component activity)

Means member initiated activity that would trigger an activity fee.

Member assets

Means the assets available to pay member benefits. This is assets less reserves less liabilities excluding members’ benefits.

Member Campaigns (expense type)

Means the expense incurred for the provision of member campaigns.

Member Communication (expense type)

Means the expense incurred for the systems and processes involved in distributing communications to members.

Member Education (expense type)

Means the expense incurred for the provision of member education, including member communications for the purpose of member education.

Member Services (expense group)

Means the expense incurred for the provision of any member services of entities.

Member Wrap Platform (expense type)

Means the expense incurred for the provision of wrap platform services.

Members’ benefit bracket

Means a segmentation of data based on the liability for members’ benefits owing to defined contribution members and defined benefit members. Excludes: unallocated contributions.

Members’ benefits

Means the value of liability for members’ benefits for a member account and is the sum of defined contribution members’ benefits and defined benefit members’ benefits. This represents the present obligation to beneficiaries for benefits they are entitled to receive in the future as a result of membership of the RSE, defined benefit RSE or ERF.

Memberships (expense type)

Means the expense incurred for memberships not otherwise categorised.

Includes: professional association membership, industry association membership

Merger Implementation (expense type)

Means the expense incurred in relation to the implementation of a merger between to RSEs not otherwise categorised.

Merger Investigation (expense type)

Means the expense incurred relating to identifying potential merger partners and developing strategy.

Minimum balance

Means a restriction placed on investment forcing the member to hold at least a specific balance in an investment option, investment menu, or superannuation product to which the minimum applies.

Minimum charge ($)

Means the lowest value of the dollar reduction in a member’s balance that will be incurred by a member when applying a fee or cost expressed as a percentage value (% of balance) or percentage value (% of transaction).

Minimum charge (%)

Means the lowest value of the percentage reduction in a member’s balance that will be incurred by a member when applying a fee or cost expressed as a flat dollar amount.

Minimum purchase transaction

Means the minimum additional balance that a member is permitted to contribute to an investment option.

Modified duration

Means the price sensitivity of the investments in respect to changes in interest rates.

More Cover Than Default No Underwriting (current level of cover)

Means that, as at the reporting date, the member has more than the Default Level Of Cover and did not require underwriting in order to obtain that cover.

Most proximate investment

Means the closest investment, in the relevant chain of investments, to the ultimate investment.

Motor Vehicles (expense type)

Means the expense incurred for any motor vehicle services.

Multi Manager (investment option type)

Means multiple managed investments that are constructed through the engagement of multiple investment managers.

Multi Sector (investment option categories)

Multi Sector investments are held in more than one distinct security, belonging to two or more asset sectors.

Multiple (collateral type)

Means where more than one type of collateral is used to secure the position.

MySuper authorisation identifier

Means the MySuper authorisation number issued by APRA.

MySuper Large Employer (product category)

Means superannuation products that satisfy the requirements of section 29TB of the SIS Act.

MySuper Material Goodwill (product category)

Means superannuation products that satisfy the requirements of section 29TA of the SIS Act.

MySuper Product (product type)

Has the meaning as in section 10(1) of the SIS Act.

Net collateral pledged to secure positions with the counterparty

Means the collateral posted on a bilateral basis, such that either party may be required to provide or entitled to receive, depending on the net exposure under a collateral agreement.

Net Investment Return (return measurement) / (option return type) / (comparison return type)

Means the time-weighted rate of return on investments, net of Indirect Costs, Indirect Cost Ratio, Other Fees And Costs, Fees Deducted Directly From Member Account and Tax with a component activity type of Investment or Transaction, adjusted for cash flows as they occur.

If there is a range in the amount of applicable fees and costs that may be charged, the calculation must use the highest fees and costs in the range.

Net Return (return measurement) / (option return type)

Means the net investment return minus administration fees, costs and taxes minus advice fees, costs and taxes.

No Cover (current level of cover)

Means that as at the end of the reporting period, the member has no cover.

No TFN Tax Recovery Fee (activity fee type)

Means an activity fee triggered when work to recover no-TFN tax is carried out.

Non-connected Entity (Investment Option Strategy Setting type)

Means the RSE licensee does not engage in any activity relating to the the setting of asset allocation targets and each entity that sets asset allocation targets is not a connected entity.

Non Financial Institutions (type of counterparty)

Means institutions which do not offer financial services.

Non Intrafund Advice Fee (activity fee type)

Means advice fees that do not meet the definition of financial product advice to members within the meaning given in section 99F of the SIS Act.

Non Resident (counterparty residency status)

Means any individual, enterprise or other organisation ordinarily domiciled in a country other than Australia.

Includes: foreign branches and foreign subsidiaries of Australian enterprises.

Excludes: Australian-based branches and subsidiaries of foreign businesses.

Non Smoker (smoker status)

Means that the member is a non-smoker according to rules established by the RSE licensee and insurer.

None (service provider relationship type)

Means that no shareholding exists between entities.

Not Applicable (activity fee type)

Means that the activity fee type is not applicable to the activity fee considered.

Not Applicable (cover valuation basis)

Means that the cover valuation basis is not applicable to the insurance considered.

Not Applicable (domicile type)

Means where domicile is not applicable to the financial instrument.

Not applicable (income protection benefit period)

Means that the income protection benefit period is not applicable to the insurance considered.

Not Applicable (international economy type)

Where the domicile is not International Domicile, the international economy type is Not Applicable.

Not Applicable (investment charge type)

Where a component of performance does not have a component activity of Investment, its investment charge type is Not Applicable.

Not Applicable (investment manager level)

Where the components do not include investment fees and costs because there is no investment manager, the investment manager level of Not Applicable applies.

Not Applicable (investment option management type)

Where the investment option does not have an investment manager, for example, a direct share.

Not Applicable (investment vehicle type)

Means that an investment is not held in an investment vehicle.

Not Applicable (listing type)

Means where listing is not applicable to the financial instrument.

Not Applicable (tier type)

Means where the expense or benefit is not charged on a tiered basis.

Not Available

Means that the data is not available to be reported.

Not Specified (domicile type)

Means where the domicile of the financial instrument is not a factor for consideration.

Not Specified (international economy type)

Means where the type of international economy of the financial instrument is not a factor for consideration.

Not Specified (listing type)

Means where the listing status of the financial instrument is not a factor for consideration.

Not Stated Or Inadequately Described (sex)

Means the sex of a person is not stated or is inadequately described.

Number of free activities

Means where a fee or cost is an activity fee, the number of free activities indicates how many times that activity can take place before the fee or cost is incurred.

Ongoing Payment To Service Provider (engagement type)

Means service arrangements with an outsourced service provider for ongoing provision of services

Option return (%)

Means the return of the investment option, as measured by the option return type.

Option return type

Means the type of return used for measuring the option return, for the purpose of comparison with the return objective target return. Possible values are:

• Gross Investment Return;
• Gross Investment Return Net Of Fees;
• Net Investment Return; and
• Net Return.

Options (contract type)

Means a contract that provides the holder with the right, but not the obligation, to buy or sell a specific amount of the underlying asset at an agreed price, on or before a specific future date.

Other (activity fee type)

Means the activity fee type is not:

• Advice Fee;
• Brokerage Fee;
• Buy Sell Spread;
• Contribution Fee;
• Contribution Splitting Fee;
• Dishonoured Payment Fee;
• Establishment Fee;
• Family Law;
• Financial Advice;
• Financial Hardship Application;
• Insurance Fee;
• Lost Member Search Fee;
• No TFN Tax Recovery Fee;
• Non Intrafund Advice Fee;
• Switching Fee;
• Withdrawal Fee; or
• Not Applicable.

Other (collateral type)

Means a collateral type other than the options available.

Other (contract type)

Means a contract type other than the options available.

Other (expense type)

Means an expense type other than the options available.

Other (expense service type)

Means an expense service type other than the options available.

Other (income protection benefit period)

Means the income protection benefit period is not:

• Up To 1 Year;
• Up To 2 Years;
• Up To 5 Years;
• Until Age 60;
• Until Age 65;
• Until Age 67;
• Until Age 70; or
• Not Applicable.

Other (investment option categories)

Investment options with the category of Other comprise all investment options not otherwise defined.

Other (sex)

Means persons who have mixed or non-binary biological characteristics (if known), or a non-binary sex assigned at birth.

Other (TPD assessment criteria)

Means the TPD assessment criteria is not:

• Activities Of Daily Life;
• Any Occupation; or
• Own Occupation.

Other Contract (exposure type)

Means an exposure type other than the available options.

Other Fees And Costs (performance component type) / (fees and costs component type)

Means fees and costs that other than the available options.

Other Fees And Costs must be reported gross of:

(i) income tax and GST, after being reduced by any reduced inputs tax credits; and

(ii) stamp duty; and

without adjustment in relation to:

(i) any tax deduction available to the responsible entity, operator or trustee; or

(ii) the extent to which any tax deduction may be passed on to members.

Other Financial Institutions (type of counterparty)

Means financial institutions that are not elsewhere classified.

Includes: domestic clearing houses (e.g. ASX clear, ASX clear (Futures)); economic development corporations owned by governments; co-operative housing societies.

Other Indirect Investment (investment vehicle type)

Means an investment through an investment vehicle which does not meet the definition of any of the available options.

Other Insurance (insurance cover type)

Means insured benefits that are not otherwise categorised as Life Insurance, Total And Permanent Disability Insurance or Income Protection Insurance. Includes: permissible insurance types under the SIS Act, types of insurance which have been grandfathered under law and legacy insurance arrangements where no insurance premium is payable by the member because the insurance policy is based on a surrender value.

Other Payee (Service Provider Type)

Means an entity which an expense is made or on behalf of the RSE licensee in respect of the RSE during the year of income which is not a service provider, promoter, industrial body or RSE licensee.

Other Payments (engagement type)

Means service arrangements that are a one-off expense that are not expected to be ongoing arrangements.

Other Related Party (service provider relationship type)

Means a related party that is not

• Parent;
• Indirect Parent;
• Subsidiary;
• Indirect Subsidiary;
• RSEL; or
• Group Company

Other relationships

Means details of any other affiliation or interest which falls outside of shareholding and personal relationships.

Outsourced (insourced or outsourced)

Means the performance of functions, processes or projects are carried out by a contractor or supplier external to the RSE licensee.

Over The Counter Cleared (derivative type)

Means a derivative contract transacted between individual counterparties outside a recognised stock exchange, with contract details negotiated by those parties and cleared through a central counterparty.

Over The Counter Not Cleared (derivative type)

Means a derivative contract transacted between individual counterparties outside a recognised stock exchange, with contract details negotiated by those parties and not cleared through a central counterparty.

Own Occupation (TPD assessment criteria)

Means where insurance covers a person who is unable to perform the functions of their own occupation, even if they are able to perform other occupations for which they are reasonably qualified.

Parent (service provider relationship type)

Means the service provider has a shareholding in the RSE licensee.

Percentage value (% of balance)

Means the portion of the expense or benefit attributable to a member that is expressed as a percentage of their account balance.

Percentage value (% of transaction)

Means an amount paid or payable against a transaction made by or on behalf of a member.

Performance component type

Components of performance are classified into the following performance component types:

• Indirect Costs;
• Indirect Cost Ratio;
• Fees Deducted Directly From Member Account;
• Other Fees And Costs;
• Tax; and
• Gross Investment Return.

Performance Linked (investment charge type)

Means the portion of the expense or benefit which is determined in whole or in part by reference to the performance of an investment made by an investment manager on behalf of the RSE licensee.

Person connected with the RSE licensee

Has the meaning in subsection 13(4C) of the Financial Sector (Collection of Data) Act 2001.

Physical assets

Means an item of economic, commercial or exchange value that has a tangible or material existence. Includes: precious metals, property, plant and equipment and oil.

Platform (investment menu type)

Where the product disclosure statement (PDS) of the associated superannuation product states that the securities or interests will be acquired on the instruction, direction or request of the member and the relevant investments that the member may choose are in a list published by the responsible person. The acquisition must be under a custodial arrangement (within the meaning of s1012IA(1) of the Corporations Act 2001).

Placement

Means a liability of an entity not described as an authorised deposit-taking institution, e.g. State treasuries.

Policy number

Means the identifier of a superannuation insurance policy as allocated by the life insurance company.

Political Donation

Means amounts or values of gifts (within the meaning of Part XX of the Commonwealth Electoral Act 1918) that were made by or on behalf of the entity during the year of income to another entity who, at the time of receiving the gift:

 (i)  was a political entity (within the meaning of that Act); or

 (ii)  was, or was required by that Part of that Act to be, a political campaigner (within the meaning of that Part); or

 (iii)  was, or was required by that Part of that Act to be, an associated entity (within the meaning of that Part).

Political Donations (expense type)

Means payments made for the purpose of a political donation.

Pooled Superannuation Trust (PST) (investment vehicle type)

Means a type of collective investment trust where an investment manager invests the assets of superannuation funds, approved deposit funds and other pooled superannuation trusts. Excludes: unitised investments with life companies where the original or primary investment is an insurance or investment policy.

Premises (expense type)

Means the expense incurred for the provision of any premises.

Premium tax rebate provided to members

Means the amount of premium tax rebates provided to members.

Principal amount

Means the face value of a financial instrument.

Product category

The product categories are:

• Generic;
• Insurance Only;
• MySuper Material Goodwill; and
• MySuper Large Employer.

Product Disclosure Statement (PDS)

Has the meaning as in the Corporations Act 2001.

Product phase

Means the taxation status of a superannuation product and the expected flow of money between the RSE and the members within the product.

The product phases are:

• Accumulation;
• Transition To Retirement;
• Retirement; and
• Defined Benefit Accumulation And Retirement.

Product type

Means the type of product offered by a RSE licensee.

The product types are:

• MySuper Product;
• Choice Product; and
• Defined Benefit Product.

Professional Indemnity (expense type)

Means the expense incurred for the provision of any professional indemnity services.

Profit Attributable To Expense Amounts)

Means the expense amounts that can be attributed to profit for each related connected entity.

Promoter (service provider type)

Means a service provider where there is a promoter agreement in place between the RSE licensee in respect of the RSE or the RSE and the service provider.

Property (strategic sector) / (strategic subsector) / (asset class sector type)

Means an investment in real estate where the earnings and capital value are dependent on cash flows generated by the property through sale or rental income.

Property Agricultural (asset class characteristic 2)

Means an investment in agricultural real estate where the earnings and capital value are dependent on cash flows generated by the property through sale or rental income.

Property Commercial (asset class characteristic 2)

Means an investment in commercial real estate where the earnings and capital value are dependent on cash flows generated by the property through sale or rental income.

Property Development (asset class characteristic 1)

Means a property investment which is predominantly non-income generating and is subject to material levels of construction risk.

Property Diversified (asset class characteristic 2)

Means a diversified portfolio of property investments

Property Established (asset class characteristic 1)

Means a property investment which is in an income generating phase and is subject to immaterial levels of construction risk.

Property Industrial (asset class characteristic 2)

Means an investment in industrial real estate where the earnings and capital value are dependent on cash flows generated by the property through sale or rental income.

Property Other (asset class characteristic 2)

Means a property investment which does not meet the definition of any of the available options.

Property Residential (asset class characteristic 2)

Means an investment in residential real estate where the earnings and capital value are dependent on cash flows generated by the property through sale or rental income.

Property Retail (asset class characteristic 2)

Means an investment in retail real estate where the earnings and capital value are dependent on cash flows generated by the property through sale or rental income.

Proportion of assets to which service is provided

Means the proportion of total assets managed by the RSE licensee to which the service is provided.

Proportion of members to which service is provided

Means the proportion of total membership of the RSE licensee for the whom the service is provided. In the case of financial advice, the proportion of members for whom the service is available.

Regulatory Levies (expense type)

Means the expense incurred for the provision of any regulatory levies services.

Related connected entity

Means an entity that is both a related party and a connected entity. .

Related party

Means, in relation to an entity (the principal entity) or the RSE licensee of the principal entity, is a related party for the purposes of accounting standard AASB 124 Related Party Disclosures and/or a Related party as defined in subsection 10(1)  of the SIS Act .

Relationship with the service provider

Means a responsible person has a financial or other interest with a service provider that is engaged by the RSE licensee.

Research and Data Analytics (expense type)

Means the expense incurred for the provision of any data analytics or research including the cost of subscriptions used for research and data analytics.

Reserve Bank Of Australia (RBA) (type of counterparty)

Means Australia’s central bank.

Responsible persons

Has the meaning as in Prudential Standard SPS 520 Fit and Proper.

Retail Trust (investment vehicle type)

Means a collective investment vehicle which provides exposure to a diversified portfolio of investments and can be accessed by retail clients.

Retirement (product phase)

Means that the associated superannuation product is not in the accumulation phase and is designed to pay superannuation income streams in the retirement phase as defined in section 307-80 of the Income Tax Assessment Act 1997.

Return margin

Means the annual margin by which the return objective aims to exceed the value of the benchmark.

Return measurement

Means the type of return of the investment option that is compared to the benchmark return plus return margin for the purpose of assessing whether the investment option has achieved its return objective. Possible values are:

• Gross Investment Return;
• Gross Investment Return Net Of Fees;
• Net Investment Return; and
• Net Return.

Return objective

Means a ‘return objective’ referred to under paragraph 16(b)(i) of SPS 530.

Return objective target return (%)

Means the investment objective return for the investment option, as measured by the return of the benchmark, plus the return margin.

Return objective target return description

Means a description of the benchmark and return margin used for the purpose of determining the return objective target return.

RG 97 version

RG 97 version is an indicator variable referencing the version of ‘ASIC Regulatory Guide 97: Disclosing fees and costs in PDSs and periodic statements’ (RG 97) referenced when determining fees and costs.

The RG 97 version options are:

• 2017;
• 2020; and
• Not Applicable.

Risk And Compliance (expense type)

Means the expense incurred for risk management and compliance, including implementation of remediation programs, regulatory change and regulatory reporting not otherwise classified.

RSE, DB RSE, PST or ERF

Means an indicator to designate that reporting is at an RSE, DB RSE, PST or ERF level.

RSEL (service provider relationship type)

Means the service provider is the RSE licensee

RSE licensee

Has the meaning given in subsection 10(1) of the SIS Act.

RSE licensee (Investment Option Strategy Setting type)

Means the RSE licensee engages in activity relating to the setting of asset allocation targets in respect of the investment option.

Securities (collateral type)

Means a financial instrument that represents an ownership in a corporation or a creditor relationship with a borrower.

Separately managed account

Means a managed investment scheme as defined under the Corporations Act 2001 that is registered and non-unitised, containing a portfolio of investments that are beneficially owned by the member and managed by an investment manager.

Service arrangement

Means arrangements with any party to perform, on a one-off or continuing basis, a business activity that is a function or responsibility of an RSE licensee pursuant to its duties under the governing rules.

Service provider

Means an entity that is engaged to fulfil a service arrangement through a contractual arrangement. Excludes entities which are a promoter, industrial body or RSE licensee.

Service provider ABN

Means the ABN of the service provider

Service provider identifier

Means a unique identifier created by the RSE licensee to represent a service arrangement.

The Service Provider Identifier must satisfy the following conditions;

• it must comprise no more than 20 alpha-numeric characters (with no special characters);
• it cannot be the same as the Service Provider Identifier used for another service arrangement within the same RSE, DB RSE or ERF;
• it cannot change so long as the service arrangement exists; and
• it must be reported consistently across reporting periods.

Service provider relationship type

Means the relationship the service provider holds towards the trustee.  The service provider relationship type options are:

• None;
• Parent;
• Indirect Parent;
• Subsidiary;
• Indirect Subsidiary;
• RSEL;
• Group Company; and
• Other Related Party.

Service provider shareholding relationship

Means a shareholding relationship exists between service providers, and the RSE licensee or responsible persons of the RSE licensee.

Service provider shareholding relationship level

For a Subsidiary (including minority-owned entity), means the shareholding of the RSE licensee in the service provider.

For a Parent (including an entity with minority ownership), means the level of ownership of the RSE licensee by that entity.

For a Group Company (subsidiary of a parent) the multiplication of the levels of ownership.

Sex

Means the distinction between male, female, and others who do not have biological characteristics typically associated with either the male or female sex.

The options are:

• Female;
• Male;
• Other;
• Not Stated Or Inadequately Described; and
• Aggregate.

Single Asset (investment option type)

Means an investment option that invests in one asset directly with no interposed investment vehicle, or invests directly in an entity that owns a single asset.

Single Manager (investment option type)

Single Manager investment options are constructed through the engagement of a single investment manager.

Single Manager -other listed (investment option type)

Means a listed Single Manager investment option that is not an Exchange Traded Product or Listed Investment Company

Single Manager - unlisted (investment option type)

Means an unlisted Single Manager investment option

Single policy

Means one superannuation insurance policy.

Single Policy (insurance reporting level)

Means that the insurance cluster contains a single policy.

Single Sector (investment option categories)

Single Sector investments are held in more than one distinct security, all belonging to a single asset sector.

SIS Act

Means the Superannuation Industry (Supervision) Act 1993.

SIS Regulations

Means the Superannuation Industry (Supervision) Regulations 1994.

Smoker (smoker status)

Means that the member is a smoker according to rules established by the RSE licensee and life insurance company.

Smoker status

The member’s status in relation to smoking. Possible values are:

• Smoker;
• Non Smoker; and
• Aggregate.

Sponsorship (expense type)

Means the expense incurred for the provision of any sponsorship.

SPS 515 materiality

Means a significant payment from the assets of an RSE, defined benefit RSE, ERF or RSE licensee, including payments to and from reserves, not otherwise allocated to members’ accounts where ‘significant’ relates to the size or extraordinary nature of the expenditure.

Staff wages (engagement type)

Means payment of wages to staff employed by the RSE licensee excluding executive remuneration.

Standard (fees and costs arrangement type)

Means the fees and costs as disclosed to members in documentation such as the relevant product disclosure statement where no custom fee and cost applies.

There is only one standard fee arrangement as this concept reflects the absence of any custom fee arrangement.

Standardised Employer (access type)

Means superannuation products that can only be accessed by members through their employer (this may include a spouse or child of employee).

Start date

Means the effective date the return objective was approved by the RSE licensee.

Strategic asset allocation

Means the  asset allocation targets and asset allocation ranges determined by the RSE licensee for each investment strategy as required under SPS 530 paragraph 21.

Includes: target asset allocation and asset allocation ranges determined in respect of dynamic asset allocation, target return approach etc.

Strategic sector

Means asset class for which an initial target asset allocation and/or asset allocation ranges are set as part of the board approved strategic asset allocation. The strategic sectors are:

• Cash;
• Fixed Income;
• Fixed Income Excluding Credit;
• Credit;
• Equity;
• Property;
• Infrastructure;
• Alternatives;
• Growth Alternatives;
• Defensive Alternatives;
• Currency Exposure; and
• Not Applicable.

Strategic subsector

Means the segment of a strategic sector asset class to which an asset allocation target is approved by the board, committee or individual with investment delegations under the investment governance framework of the fund.

Changes to ‘strategic subsector’ benchmark allocations (and ranges) to specific segments or groupings within that asset class may be approved under the appropriate investment delegation only where these allocations are within the ‘Strategic asset allocation’. 

 The strategic subsectors are:

• Cash;
• Fixed Income;
• Fixed Income Excluding Credit;
• Credit;
• Equity;
• Property;
• Infrastructure;
• Alternatives;
• Growth Alternatives;
• Defensive Alternatives; and
• Not Applicable.

Strategy and Planning (expense type)

Means the expense incurred for strategy and planning not otherwise categorised

Subsidiary (service provider relationship type)

Means where the RSE licensee has a shareholding in the service provider.

Superannuation insurance policy

Means a ‘superannuation policy’ as defined in the Life Insurance Act 1995.

Superannuation product

Means a class of beneficial interest in a RSE, defined benefit RSE or ERF.

Superannuation product identifier (SPI)

Means a unique identifier created by the RSE, defined benefit RSE or ERF used to represent a superannuation product.

The SPI must satisfy the following rules:

• it must comprise no more than 20 alpha-numeric characters (with no special characters);
• it cannot be the same as the SPI used for another superannuation product within the same RSE, defined benefit RSE or ERF; and
• it cannot change so long as the superannuation product exists and must be reported consistently across reporting periods (including if the name of the superannuation product changes).

Swaps (contract type)

Means an agreement between two or more parties to exchange a series of cash flows over a period in the future.

Switching Fee (activity fee type)

Has the meaning as in section 29V(5) of the SIS Act.

Synthetic exposure ($)

Means the increase or decrease in effective exposure in the asset class arising from derivative instruments.

Tailored Employer (access type)

Means superannuation products that are tailored to a specific employer, or restricted group of employers, that can only be accessed by members through their employer (this may include a spouse or child of employee).

Tax (performance component type)

Means the tax expense or benefit derived from RSE activities specified by the component category.

Tax Agent Fees (expense type)

Means expenses incurred for work carried out by Tax Agents.

Ticker symbol

Means a unique identifier allocated by a stock exchange to identify each traded security. 

Tier arrangement

The tier arrangement is a number used to distinguish between different tiering structures.

A different number should be assigned to each tiering structure within an RSE, defined benefit RSE or ERF. The tier arrangement should be set to 1, 2, 3... etc. for each additional tiering structure that is reported.

Tier lower bound

Means the lower bound (inclusive) of member balances that would result in a member being in a particular tier of a tiering structure.

Tier number

Where a tiering structure is in place, the tiering structure should have the same values in fields (superannuation product identifier, investment menu identifier, investment option identifier, component type, component activity, investment manager level, investment charge type, tier type, tier arrangement). The tier number should be set to 1, 2, 3...  etc.  for each additional tier that is added.

Where the tier type is not applicable, this field has no meaning and should be reported as 0.

Tier type

Means the method by which the value of the fee, expense or benefit changes based on their balance.

The tier type options are:

• Flat;
• Marginal; and
• Not Applicable.

Tier upper bound

Means the upper bound (exclusive) of member balances that would result in a member being in a particular tier of a tiering structure.

Total and permanent disability (TPD) insurance

Means a benefit, in respect of each member, that is payable only if the member is suffering permanent incapacity.

Total And Permanent Disability Insurance (TPD) (insurance cover type)

Means where insurance cover is provided for total and permanent disability (TPD) insurance.

Total cost of the service arrangement

Means the overall expense in dollars for the service from the service provider.

TPD assessment criteria

Means the assessment criteria against which a TPD claim will be assessed.  Possible values are:

• Activities Of Daily Life;
• Any Occupation;
• Own Occupation; and
• Other.

Training (expense type)

Means expenses incurred when training RSE licensee’s staff.

Transaction (component activity) / (fees and costs component activity)

Means activities that would give rise to ‘transaction costs’ as defined in item 103, schedule 10 of the Corporations Regulations 2001.

Excludes Administration and Investment activities.

Transition To Retirement (product phase)

Means where a superannuation product is not in the accumulation phase and provides a ‘transition to retirement income’ stream as defined in regulation 6.01(2) of the SIS Regulations.

Travel (expense type)

Means the expense incurred for the provision of any travel services.

Travel entertainment and conferences (engagement type)

Means payments relating to travel, entertainment or conferences for staff employed by the RSE licensee.

Trustee Directed Product

Means a trustee-direct product as defined by subregulation 9AB.2(2) of the SIS Regulations.

Trustee Board (expense group)

Means the expense incurred for the provision of trustee board services and operation.

Type of counterparty

Means the type of counterparty.

The type of counterparty options are:

• Banking Institutions;
• Reserve Bank Of Australia (RBA);
• Other Financial Institutions; and
• Non Financial Institutions.

Ultimate investment

Means an investment of assets, or assets derived from assets, of an RSE, defined benefit RSE, PST and ERF excluding an investment in an interposed entity.

Underlying Investment Manager (investment manager level)

Means all subsequent levels of management of investment portfolios beyond or further than the first level of management.

Undetermined claim

Means a received claim that has not been finalised or withdrawn.

Undetermined claim duration

Means the period between when the claim was received and the end of the reporting period for undermined claims.

Unlisted (listing type)

Means a financial instrument that is not traded through an Australian or international stock exchange.

Until Age 60 (income protection benefit period)

Means that the maximum term that the IP benefit will be paid for is until the insured member’s 60th birthday.

Until Age 65 (income protection benefit period)

Means that the maximum term that the IP benefit will be paid for is until the insured member’s 65th birthday.

Until Age 67 (income protection benefit period)

Means that the maximum term that the IP benefit will be paid for is until the insured member’s 67th birthday.

Until Age 70 (income protection benefit period)

Means that the maximum term that the IP benefit will be paid for is until the insured member’s 70th birthday.

Up To 1 Year (income protection benefit period)

Means that the maximum term that the IP benefit will be paid for is 1 year.

Up To 2 Years (income protection benefit period)

Means that the maximum term that the IP benefit will be paid for is 2 years.

Up To 5 Years (income protection benefit period)

Means that the maximum term that the IP benefit will be paid for is 5 years.

Valuation (expense service type)

Means the expense incurred for the provision of any valuation services.

Value of the investment

Means the value of investments in relation to the underlying interests in the investment option.

Volatility of comparison return (10 years)

Means the annualised standard deviation of weekly returns of the investment option measured by the comparison return type over 10 years.

If the frequency of valuation (for either unit pricing or crediting rate) of the investment option over the 10 years was less than weekly, then monthly returns should be used instead.

If the frequency of valuation was less than monthly, or the investment option does not have 10 years of history, the volatility cannot be determined.

Volatility of comparison return (5 years)

Means the annualised standard deviation of weekly returns of the investment option measured by the comparison return type over 5 years.

If the frequency of valuation (for either unit pricing or crediting rate) of the investment option over the 5 years was less than weekly, then monthly returns should be used instead.

If the frequency of valuation was less than monthly, or the investment option does not have 5 years of history, the volatility cannot be determined.

Whole of Life Or Endowment (Superannuation Product Category Type)

Means bundled life insurance arrangements which combine and investments component and a life insurance component in a single product.

Wholesale Trust (investment vehicle type)

Means a collective investment vehicle that provides exposure to a diversified portfolio of investments and can be accessed by wholesale clients only.

Withdrawal Fee (activity fee type)

Means an activity fee triggered upon withdrawal of funds by the member.

Worker category

Means where cover is only provided to members in a certain worker category, the name of the worker category assigned by the RSE licensee.

Year of admittance

Means the year ending 30 June during which the claim was admitted.

Year of cover

Means the year ending 30 June to which insurance cover was provided or is to be provided.

Year of incident

Means the year ending 30 June during which the event occurred that lead to a claim. e.g. in the case of life insurance, the year of incident refers to the year of death of the insured member.