ASIC has extended the relief for superannuation trustees who give their members retirement estimates on a periodic statement.
The existing relief has been extended for a period of nine months. This will allow superannuation trustees to continue to use the relief when sending annual statements to members for the 2021-22 financial year.
Class Order [CO 11/1227] Relief for providers of retirement estimates gave conditional relief from the licensing, conduct and disclosure obligations relating to personal advice in the Corporations Act 2001 (the Act) that might otherwise apply to a superannuation trustee providing retirement estimates to its members. The relief in [CO 11/1227] has been extended by ASIC Corporations (Repeal and Transitional – Relief for Providers of Retirement Estimates) Instrument 2022/204.
ASIC is 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.
ASIC intends to make a new legislative instrument for both superannuation calculators and retirement estimates before the end of June 2022. This will not prevent trustees relying on the existing relief for retirement estimates in 2021-22 annual statements to members. There will 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.
Background
CP 351 set out ASIC’s proposals to, among other things, issue a single instrument of relief for superannuation calculators and retirement estimates, adopt a common framework for setting economic and financial assumptions and update regulatory guidance on superannuation forecasts (Refer 21-309MR).
ASIC received 29 submissions to CP 351. Non-confidential submissions will be published on the ASIC website when the new relief instrument is made.
ASIC [CO 11/1227] was listed on the Federal Register of Legislation as sunsetting on 1 April 2022.