ASIC updates retirement calculators guidance
The Australian Securities and Investments Commission (ASIC) has issued guidance about how superannuation funds can use retirement estimates and calculators.
These were exempt from certain regulatory requirements related to providing personal financial advice under class order relief in the Corporations Act 2001.
The latest guidance from ASIC would give greater clarity to super fund trustees on how they could use them within their retirement strategies under the Retirement Income Covenant, which came into force on 1 July.
ASIC had granted a six-month transition period during which providers of superannuation forecasts could rely either on the existing relief or the new relief with the new relief to kick in from 1 January, 2023.
ASIC Commissioner, Danielle Press, said: “‘The updated relief will also provide greater flexibility in how trustees can give retirement estimates to their members, including through interactive tools. It introduces a single framework for setting economic and financial assumptions across both retirement estimates and superannuation calculators.
“We expect trustees that choose to provide these tools to do so in a way that fosters informed decision making by members, without promoting specific financial products.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
Including the superannuation sector in CSLR does not achieve the goal of shared responsibility and fairness given the root cause of the misconduct often lies elsewhere, the head of the SMSFA said.
Super funds have continued their growth streak, with the median growth fund on pace for a healthy calendar year return.
ASFA has called for targeted reforms to close the superannuation trust gap among culturally and linguistically diverse Australians.
Former ASIC and APRA leaders launch a conflict-free model to meet rising prudential expectations.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
211.16 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
121.06 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Smarter Money Long-Short Credit Investor USD
68.96 3 y p.a(%)
