ASIC chooses industry fund default

28 May 2019
| By Mike |
image
image
expand image

The Australian Securities and Investments Commission (ASIC) has chosen Australia’s largest industry superannuation fund, AustralianSuper as its default fund for ASIC employees.

The regulator, which has been criticised by some elements of the financial services for the perception that it has favoured industry funds, selected AustralianSuper as a default on the basis of its change of status as a Government entity.

Those employed by ASIC are now employed under the ASIC Act instead of the Public Service Act.

The regulator said that as part of the transition process it had selected AustralianSuper as the new default superannuation fund for employees who joined from 1 July this year and who did not nominate a fund.

It said there was no change to arrangements for existing employees, including those who are members of the Commonwealth Superannuation Scheme, the Public Sector Superannuation Scheme and the Public Sector Superannuation accumulation plan.

ASIC said it would be reviewing its default fund arrangements every four years.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year ago
Kevin Gorman

Super director remuneration ...

1 year ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year ago

The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation ...

2 hours ago

Super funds had a “tremendous month” in November, according to new data....

4 days 1 hour ago

Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion....

4 days 6 hours ago