Superannuation guidance, relief and legislative instruments

ASIC issues guidance, regulatory relief, legislative instruments, information sheets and other documentation to guide and assist the superannuation industry.

• Consistency of disclosures: s29QC of the SIS Act
• Cross-agency process for retirement income stream products
• Disclosure
• Dispute resolution
• Executive remuneration and systemic transparency
• Fees and costs disclosure
• Portfolio holdings disclosure
• Product dashboard
• Prohibition of employer inducements
• Shorter product disclosure regime
• Superannuation advice
• Superannuation transfers
• Additional information resources

Consistency of disclosures: s29QC of the SIS Act

Disclosure requirements for superannuation trustees: s29QC

The start date for the consistency requirement has been deferred until 1 Jan 2024. ASIC extended an earlier deferral by amending Class Order [CO 14/541] RSE licensee s29QC SIS Act disclosure exemption. ASIC did this to allow additional time to consider the policy position in relation to this requirement. If the policy position is settled before the deferral date, the instrument can be revoked.

Read more about the deferral

Cross-agency process for retirement income stream products

In 2017, the government extended the tax exemption on earnings in the retirement phase to new innovative retirement income stream products. These are new types of products that aim to provide consumers with greater choice and flexibility when considering their retirement product options, help them manage the risk of outliving their retirement savings and enhance their standard of living in retirement.

To support industry in developing new innovative retirement income stream products, the government also provided a streamlined pathway for product providers to engage with four key agencies about a proposed product – ATO, DSS, APRA and ASIC – in a single process. The cross-agency process is voluntary and can be used at any time during the development of an innovative retirement income stream product. It allows a product provider to test concepts and seek information and guidance on how these products meet the requirements of the relevant legislation.

Find out more about the cross-agency process for retirement income stream products

Disclosure

For useful information about websites and short-form product disclosure statements, see:

• Regulatory Guide 252 - Keeping superannuation websites up to date (RG 252).
• Regulatory Guide 168 - Product Disclosure Statements (and other disclosure obligations) (RG 168).
• Information Sheet 155 - Shorter PDSs: Complying with requirements for superannuation products and simple managed investment schemes (INFO 155).
• Information Sheet 133 - Shorter PDS regime: Superannuation, managed investment schemes and margin lending (INFO 133).

Regulatory index

For further information, browse and download ASIC’s regulatory documents, including regulatory guides, information sheets and legislative instruments (formerly class orders).

Dispute resolution

Dispute resolution - superannuation funds

Financial firms must have a dispute resolution system that consists of:

• internal dispute resolution (IDR) procedures that meet the standards or requirements made or approved by ASIC; and
• membership of the Australian Financial Complaints Authority (AFCA).

ASIC Regulatory Guide 267 Oversight of the Australian Financial Complaints Authority (RG 267) sets out who must have a dispute resolution system and which financial firms must be members of AFCA.

Find out more about dispute resolution

Executive remuneration and systemic transparency

s29QB executive remuneration and systemic transparency

ASIC’s Regulatory Guide 252 Keeping superannuation websites up to date (RG 252) explains how information on superannuation websites may be kept up to date under section 29QB of the Supervision Industry (Supervision) Act 1993 (SIS Act).

The start date for disclosures required under section 29QB of the SIS Act mainly for standard employer-sponsored sub-plans have been deferred until 30 June 2024.

For further information, read about how ASIC intervened to the improve transparency of superannuation websites.

Fees and costs disclosure

Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements (RG 97) provides guidance on the fees and costs disclosure regime for Product Disclosure Statements (PDSs) and periodic statements.

ASIC has recently consulted on RG 97 and expects to finalise RG 97 later in 2019.

More information:

• RG 97 (March 2017)
• RG 97 consultation
• RG 97 review
• Questions and answers - Fees and costs disclosure

See ASIC Class Order [CO 14/1252] regarding the extension of the time periods for compliance with certain aspects of the fee and cost disclosure requirements.

Portfolio holdings disclosure

Portfolio holdings disclosure requirements will apply to reporting days that occur on or after 31 December 2020. ASIC recently deferred the commencement of the portfolio holdings disclosure requirements from 31 December 2019 by amending Class Order [CO 14/443] Deferral of choice product dashboard and portfolio holdings disclosure regimes. ASIC did this as regulations setting out the required disclosures had not been made at that time.

The first reporting day was originally set as 30 June 2014 but this date was changed to 31 December 2019 by an amendment to section 1540 of the Corporations Act 2001 made by Schedule 6 of the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Act 2019.

ASIC had previously deferred the commencement of portfolio holdings disclosure requirements to 31 December 2019 by issuing Class Order [CO 14/443] Deferral of choice product dashboard and portfolio holdings disclosure regimes.

Product dashboard

MySuper product dashboard

Information Sheet 170 (INFO 170) provides guidance to superannuation trustees and other persons in relation to the product dashboard requirements in s1017BA of the Corporations Act 2001 for MySuper products.

You can also download a copy of a MySuper product dashboard example.

Choice product dashboard

The start date for choice product dashboard requirements has been deferred until 1 July 2023.

Read more about the deferral.

More information on product dashboards.

Prohibition of employer inducements

ASIC has issued guidance to trustees that using improper inducements to influence employers in their choice of default fund is illegal. For more information see:

• Information Sheet 241 ­– Prohibition on influencing employers’ superannuation fund choice: section 68A of the SIS Act (INFO 241).
• Media release 19-198MR.

Shorter product disclosure regime

The shorter Product Disclosure Statement (PDS) disclosure regime commenced on 22 June 2012.

Class Order [CO 12/749] Relief from the Shorter PDS regime provides relief from the shorter PDS regime until 30 June 2022. The relief extends to platforms, hedge funds and multifunds.

Superannuation platforms, hedge funds and multi-funds have been temporarily exempted from the shorter PDS regime until 30 June 2022. See Class Order [CO 12/749].

Information Sheet (INFO 155) provides guidance for industry on technical issues related to implementation of PDS requirement.

Information Sheet (INFO 133) explains how the PDS requirements apply to financial products.

Superannuation advice

Intra-fund advice

Information Sheet 168 (INFO 168) provides guidance about giving and collectively charging for intra-fund advice.

What can I tell my employees about making a choice of superannuation fund?

Information Sheet 89 (INFO 89) addresses the issues employers face about choice of superannuation funds (‘super choice’). It provides general guidance about what you can say to your employees about super choice without breaking the law.

Super switching advice - complying with your obligations

Information Sheet 182 (INFO 182) provides general information and compliance tips for financial advisers who provide super switching advice.

Self-managed superannuation funds (SMSFs)

Advice on SMSFs: Disclosure of risks

Information Sheet 205 (INFO 205) provides guidance for AFS licensees and representatives who provide personal advice to retail clients about the disclosure of risks.

Advice on SMSFs: Disclosure of costs

Information Sheet 206 (INFO 206) provides guidance for AFS licensees and representatives who provide personal advice to retail clients about the disclosure of costs.

Digital financial product advice

Regulatory Guide 255 (RG 255) provides information about digital advice (also known as robo-advice or automated advice).

More information on financial services, including advice.

Superannuation transfers

Notifying members of material changes and significant events

Information Sheet 90 (INFO 90) provides information about notifying members of superannuation transfers without consent.

Additional information resources

Financial services resources

Helpful links relating to ASIC’s regulatory guidance on compliance with the financial services regime.

Regulatory index

Browse and download ASIC’s regulatory documents, including regulatory guides, information sheets and legislative instruments (formerly class orders).

Older information

For access to older content see ASIC Digest.

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