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Superannuation for employees and employers

Information for employees

ASIC’s Moneysmart website helps consumers take steps to improve their personal finances. It provides free, independent guidance including superannuation and retirement calculators for consumers.

The Australian Taxation Office (ATO) also has useful information for individuals about super. This includes the YourSuper comparison tool, a simple way to compare MySuper products and help you choose a super fund that meets your needs.

Information for employers

Communicating with employees about choice of superannuation fund: What you can and cannot do

ASIC’s Information Sheet 89 Communicating with employees about choice of superannuation fund: What you can and cannot do (INFO 89) provides general guidance on how employers can communicate with employees about super choices without breaking the law, and what employers should avoid saying or doing.

For more information see Media Release (21-272MR) ASIC releases updated information about the distribution of superannuation products (15 October 2021).

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 (21-272MR) ASIC releases updated information about the distribution of superannuation products (15 October 2021)
  • Media Release (19-198MR) Trustees warned about influencing employers through improper inducements (31 July 2019).

The ATO and business.gov.au both have useful information about super for employers.

What's new

HESTA trustee pays infringement notices for misleading marketing

10 November 2023

ASIC has taken action against H.E.S.T. Australia Limited (HESTA), the trustee of HESTA superannuation fund, for alleged false or misleading statements made in their marketing material.

Read the media release

ASIC takes civil penalty action against Telstra Super

6 November 2023

ASIC has commenced civil penalty proceedings in the Federal Court alleging Telstra Super failed to comply with internal dispute resolution requirements.

Read the media release

ASIC proposes to temporarily extend relief from disclosure and reporting consistency obligations for super trustee

6 November 2023

ASIC proposes to extend the exemption from the consistency obligations in ASIC Class Order [CO 14/541]  for two years.

Read more

ASIC and APRA release notes on fifth Superannuation CEO Roundtable

20 October 2023

The event focused on sustainable finance disclosures and the Retirement Income Covenant which was held on Wednesday 27 September 2023.

Read the notes

ASIC remains focused on improving superannuation outcomes for members

4 October 2023

ASIC recently released its Corporate Plan for 2023–27, with a focus on FY 2023–24. Jane Eccleston - Senior Executive Leader, Superannuation and Life Insurance, details the regulator’s priorities in superannuation for the year ahead.

Read the article

ASIC and APRA commence joint administration of the new Financial Accountability Regime

3 October 2023

ASIC and APRA have published an information package to support the financial services industry in implementing the Financial Accountability Regime.

Read the media release

Last updated: 02/02/2022 01:51