Govt moves to streamline super disclosure

government/superannuation-fund/chief-executive/ASFA/

22 February 2010
| By By Angela Faherty |
image
image
expand image

The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, has announced the Government is streamlining long-term superannuation disclosure requirements.

The move would enable members to receive more useful and accessible information and would exclude exit statements, allow the industry to use inserts to provide five-year performance information until June 30, 2011, exempt traditional funds and allow approved deposit funds and pooled superannuation trusts to provide annual reports online.

Pauline Vamos, the Association of Superannuation Fund of Australia's (ASFA's) chief executive, welcomed the Government's announcement saying it was a clear victory for the industry. "This is a clear indication that this Government is willing to listen and is looking for pragmatic outcomes that provide a benefit to members without placing unnecessary costs on the industry. The next step is to provide income benefit projections for fund members in their annual statements. The industry wants to find a way to show people what they will get in retirement both with and without the age pension so that they can benchmark themselves against the Westpac-ASFA retirement standard," she said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 4 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 2 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND