ASIC reminds super funds about merger disclosure
The Australian Securities and Investments Commission (ASIC) has reminded superannuation trustees of changes to disclosure requirements regarding fund mergers.
Super funds are required to inform members about any merger of funds and provide transferring members with a new Product Disclosure Statement (PDS) that explains the new product the member will hold following the merger, ASIC stated. Super funds are also required to update PDSs explaining the merger to prospective members, it added.
The reminder to super funds came about as a result of ASIC being aware that merger and consolidation activity was occurring in the superannuation industry, ASIC stated.
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