ASIC confirms relief on superannuation advice
The Australian Securities and Investments Commission (ASIC) has confirmed in its latest overview of relief decisions the degree to which it has freed up superannuation trustees to provide retirement forecasts.
The latest overview points to both Regulatory Guidance 229 (RG 229) and Class Order 11/1277, both of which go towards super trustees providing superannuation forecasts and retirement estimates.
It said RG 229 was designed to assist superannuation trustees in providing their members with superannuation forecasts.
It said that to fall within the relief a retirement estimate had to include certain mandatory content; be calculated taking into account all of the required variables, and using the default assumptions; and be given at the same time as the periodic statement and be included in, or accompany, the statement.
It said the class order relief had been granted to the trustees of superannuation entities so that they do not have to comply with the requirement to hold an Australian Financial Services licence for any financial product advice they give in providing members with a retirement estimate.
It said that without relief, providers of retirement estimates might need to hold an AFS licence with a personal advice authorisation and comply with the personal advice requirements of the licensing regime.
It said the relief was aimed at facilitating superannuation fund trustees providing members with retirement estimates for their planning.
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