POWERED BY MOMENTUM MEDIA
ASIC extends relief for retirement estimates
The Australian Securities and Investments Commission (ASIC) has extended the relief for superannuation trustees who give their members retirement estimates on a periodic statement for nine more months.
Originally expected to sunset on 1 April, 2022, the corporate regulator said it would extend the Class Order [CO 11/1227] Relief for providers of retirement estimates, so that superannuation trustees could continue to use the relief when sending annual statements to members for the 2021-22 financial year.
CO 11/1227 gave conditional relief from the licensing, conduct and disclosure obligations relating to personal advice in the Corporations Act 2001 that might otherwise apply to a superannuation trustee providing retirement estimates to its members.
ASIC was currently considering stakeholder feedback on Consultation Paper 351 Superannuation forecasts: Update to relief and guidance (CP 351), which outlined ASIC’s proposals to update the relief for retirement estimates and superannuation calculators.
The regulator intended to make a new legislative instrument for both superannuation calculators and retirement estimates before the end of June 2022.
It said this would not prevent trustees relying on the existing relief for retirement estimates in 2021-22 annual statements to members.
And there would be a transitional period to enable industry to continue relying on existing relief for both superannuation calculators and retirement estimates even after the new instrument is made.
Recommended for you
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
36.96 3 y p.a(%)
3
GAM LSA Private Shares AU I
34.22 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
VanEck Video Gaming and eSports ETF (AU)
28.89 3 y p.a(%)
