From 1 July 2019, ASIC will employ people under the ASIC Act instead of the Public Service Act, following legislation passed by Parliament on 17 September 2018.

As part of this transition, ASIC has selected AustralianSuper as the new default superannuation fund for employees. The new fund applies to employees who join ASIC from 1 July 2019 and do not nominate a fund.

There is no change to arrangements for existing employees, including those who are members of Commonwealth Superannuation Scheme (CSS), Public Sector Superannuation Scheme (PSS) and Public Sector Superannuation accumulation plan (PSSap).

ASIC will review its default fund arrangements every four years.