Superannuation funds that have not applied for Registrable Superannuation Entity (RSE) licences will be the subject of intensified scrutiny by the Australian Securities and Investments Commission (ASIC).
ASIC executive director of compliance Jennifer O’Donnell said intensified scrutiny was being imposed in circumstances where trustees that had not applied for a RSE licence would not be able to accept contributions from members or employers after June 30.
She said ASIC was notifying trustees of funds that were winding up of their obligation to notify members that they could not accept contributions from July 1.
“Such trustees should be informing members and employer sponsors of any proposed changes to these funds,” O’Donnell said.
“We do not want super fund members or their employers trying to make contributions to closed funds after June 30,” she said. “Trustees of such funds need to tell members and employers now that they need to plan for changes on July 1.”
