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ASIC explains super
Indigenous Australians are the focus of an information campaign on superannuation recently launched by the Australian Securities and Investments Commission (ASIC).
The brochure, titled “Super and Us Mob”, adopts a comic-book style approach to explain how superannuation works, preservation rules and the key benefits of superannuation for employees and their families. It also outlines the co-contribution scheme and the implications of super choice, as well as warning about illegal scams purporting to arrange early release of superannuation money for a fee.
“The fact sheet offers a range of practical information, including the importance of keeping track of your super and what to consider if you are one of the many Australians who can now choose where your super contributions go,” said ASIC’s deputy executive director of consumer protection Delia Rickard.
“Information resources for consumers, such as this, are an important part of ASIC’s consumer protection role and add to the range of materials which are specifically targeted to the Indigenous community.”
The fact sheet forms part of the Federal Government’s five-year National Indigenous Consumer Strategy, which was initiated in September last year.
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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 as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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