ASIC has written to trustees of superannuation funds with employer subplans reminding them of the requirement to publicly disclose transparency information for those subplans from 1 July 2017.
The requirement to report this information follows the expiry of transitional interim relief on 30 June 2017 (refer 16-130MR Further update on Stronger Super regime and ASIC Class Order [CO 14/509]).
Under the interim relief, which has been available since 1 July 2013, trustees do not have to publish certain documents, or can redact information from documents, where the document or information relates solely to a standard employer subplan. The documents include the trust deed, governing rules, actuarial report for a defined benefit fund, product disclosure statement, annual report and summary of each significant event notice in the previous two years.
From 1 July 2017, trustees must make all transparency information available, even where it relates to a subplan but can still redact information that is personal to a beneficiary or former beneficiary of the fund.
Transparency information, including that relating to subplans, is intended to increase superannuation trustees and funds’ transparency and accountability to the wider market. Interested members may also use it and so contribute to industry accountability.