Stronger Super is here

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On 1 July 2013, ASIC welcomed key Stronger Super reforms intended to make the Australian superannuation system stronger and more efficient, and to help maximise superannuant retirement income.

ASIC has an interest in a range of Stronger Super reforms, but those ASIC has been most involved in are the SMSF auditor register, the intra-fund advice aspects of MySuper and the regulatory settings around disclosure in super.

The MySuper and Governance reforms started largely on 1 July. However, there have been deferrals to the implementation dates of the following measures:

  • product dashboard for MySuper products (until 31 December 2013), and
  • new content requirements, particularly fees, for Product Disclosure Statements for super and managed investments (until 31 December 2013 and 1 July 2014 respectively).

ASIC has also deferred until 31 October 2013 the implementation of section 29QB of the Superannuation Industry (Supervision) Act 1993 and the executive remuneration and systemic transparency requirements (refer: [Class Order 13/830] RSE licensees of registrable superannuation entities)

The portfolio holdings disclosure requirements were delayed until mid-2014 with the passage last week of the Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Act (Tranche 4).

ASIC anticipates issuing its information sheet on product dashboard requirements shortly and is updating its Frequently Asked Questions (FAQs) to include information about executive remuneration and systemic transparency measures.

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