The Australian Securities and Investments Commission (ASIC) has given relief to winding-up superannuation trustees by relaxing specific reporting requirements for those issuing exit statements on or after July 1, 2006.
Responding to concerns from within the industry, the ASIC class order Relief from enhanced disclosures in exit statements [CO 06/0538] relieves trustees of exiting funds from the obligation to include in exit statements the enhanced fees and costs disclosure prescribed by the Corporations Amendment Regulations 2005. This refers specifically to a transaction listing and disclosure of the effect of indirect costs on a member’s benefits.
“The relief assists trustees to complete their fund’s wind-up and departure from the superannuation industry in the most equitable manner,” said John Price, ASIC’s director of applications and licensing.
