Govt moves to streamline super disclosure
|
|
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.
Recommended for you
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
