How are the new Total Expense Ratio (TER) caps determined?
The new Total Expense Ratio (TER) caps are determined based on the FY2012 median TERs (for the relevant risk categories) of CPF Investment Scheme (CPFIS) List A funds, and taking into account industry feedback. Median TERs were also used in 2008 when CPF Board first implemented TER caps for funds under the CPFIS.

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