ASIC extends relief for retirement estimates

ASIC has confirmed it will extend relief for superannuation trustees who give their members retirement estimates on a periodic statement for another nine months, which will also allow trustees to use the relief when sending annual statements for the 2021-22 financial year.

ASIC is also currently looking at stakeholder feedback it received regarding a proposal to update the relief for retirement estimates and superannuation calculators.

“ASIC intends to make a new legislative instrument for both superannuation calculators and retirement estimates before the end of June 2022,” the regulator said on Thursday.

“This will not prevent trustees relying on the existing relief for retirement estimates in 2021-22 annual statements to members. 

“There will be a transitional period to enable industry to continue relying on existing relief for both superannuation calculators and retirement estimates even after the new instrument is made.”

Earlier this week, ASIC confirmed in its latest enforcement update that there are four criminal and 11 civil cases relating to superannuation before the courts.

Between July and December 2021, ASIC dealt with nine matters that related to superannuation misconduct.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.