As Trustee, Macquarie Investment Management Limited (MIML) has regulatory obligations to maintain adequate financial resources to address losses arising from operational risks that may affect the Macquarie Superannuation Plan (the Fund). This requirement is known as the Operational Risk Financial Requirement (ORFR).
The cost associated with the ORFR is passed onto the Fund as an ORFR fee.
For further information on reserves, see Understanding the superannuation fund reserve.
The ORFR fee is 0.03% p.a. of each client’s super and pension account balance and is paid directly from their account on a monthly basis. The amount they pay each month depends on their account balance, but is always subject to a maximum fee of $300 p.a. (maximum of $25 per month) per account.
This amount is deducted from accounts during our normal fee processing, generally in the first week of the month after the fees accrue, or upon closure of an account.
The ORFR fee is applicable for all super and pension products in the Fund. These are:
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