CS 7 Proposed update to superannuation forecasts relief instrument
Released 5 July 2024. Comments close 2 August 2024.
ASIC proposes to update the rate of nominal wage inflation in ASIC (Superannuation Calculators and Retirement Estimates) Instrument 2022/603, and Regulatory Guide 276 Superannuation forecasts: Calculators and retirement estimates (RG 276) in view of Treasury’s revised long-term wage growth forecasts.
ASIC proposes a period of transition to 31 December 2024, recognising that providers delivering superannuation forecasts to consumers in the 2024 calendar year may need time to make updates. Up to 31 December 2024, providers can adopt either the existing default nominal wage inflation rate (4% p.a.) or the revised rate (3.7% p.a.) when converting future dollars to today’s dollars if a provider is relying on the ASIC relief.
From 1 January 2025 the revised default nominal wage inflation rate of 3.7% p.a. will apply.
During the transition period, ASIC will update the retirement and superannuation calculators featured on its Moneysmart website, including to reflect the nominal wage growth rate of 3.7% p.a.
Industry is invited to provide feedback on ASIC’s proposal to update the default wage inflation assumption in ASIC (Superannuation Calculators and Retirement Estimates) Instrument 2022/603 and RG 276, and on the transitional arrangements.
Providing feedback
Submissions on the proposal are due by 12pm (AEST) on 2 August 2024 to Super.Enquiries@asic.gov.au.
Related links
- ASIC proposes update to superannuation forecasts relief instrument
- ASIC (Superannuation Calculators and Retirement Estimates) Instrument 2022/603
- RG 276 Superannuation forecasts: Calculators and retirement estimates