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

ASIC’s focus in superannuation 2021–22 

23 November 2021

While acknowledging the high volume of change in superannuation, ASIC, as conduct regulator for superannuation, continues to expect trustees to approach their regulatory obligations with responsibility, accountability, and transparency. Looking ahead to 2021-22, Jane Eccleston, Senior Executive Leader, Superannuation, identifies ASIC’s main priorities.

Read the article

ASIC consults on updates to relief for superannuation calculators and retirement estimates

18 November 2021

ASIC has released Consultation Paper 351 Superannuation forecasts: Update to relief and guidance (CP 351) to seek stakeholder feedback on proposed updates to relief and guidance for superannuation forecasting tools.

Read the media release

ASIC releases updated information about the distribution of superannuation products

15 October 2021

ASIC has released updated information for employers and trustees about changes affecting the distribution of superannuation products as a result of recent law reforms.

Read the media release

Enforceable IDR requirements

15 October 2021

The new enforceable internal dispute resolution (IDR) requirements in ASIC’s RG 271 commenced on 5 October. Here’s what trustees must do to comply. 

Read the article

ASIC calls on Australian CEOs to review whistleblower policies

13 October 2021

ASIC has written to CEOs of public companies, large proprietary companies and trustees of registrable superannuation entities (RSEs) urging them to review their whistleblower policies to ensure they comply with the law.

Read the media release

Check on superannuation trustee preparedness for new IDR requirements finds more work required

2 September 2021

A recent ASIC survey of registrable superannuation entities (trustees) about their preparedness for the new enforceable internal dispute resolution (IDR) obligations has identified some important areas requiring further work.

Read the media release

 

Last updated: 20/10/2021 12:30