Govt extends deadline for Stronger Super disclosure reporting
The Federal Government has extended the deadline for superannuation funds to meet the Stronger Super requirements by a year, as it seeks consult on their detail, the Australian Securities and Investments Commission (ASIC) announced today.
The regulator said the decision would "provide further time for consideration of the commercial sensitivity issues that arise in the context of these types of changes".
"Current interim relief so that licensees do not have to provide a hard copy of the product dashboard with the periodic statement has been extended to 1 July 2016," ASIC said.
"The start date for certain disclosures required pursuant to subsection 29QB(1) of the Superannuation Industry (Supervision) Act for standard employer-sponsored sub-plans has also been deferred until 1 July 2016.
"The deferrals will reduce the administrative burden on industry and provide it with time to prepare for the introduction of the new requirements.
"As an additional matter, ASIC has also extended the interim relief in relation to long-term performance reporting in Class Order 10/630 to 31 December 2015."
AUTHOR
Nicholas O'Donoghue
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
