Superannuation for employees and employers

Information for employees

ASIC is the lead Government agency for financial capability, driving initiatives to help Australians be in control of their financial lives.

ASIC’s MoneySmart website helps consumers take steps to improve their personal finances. It provides free, independent guidance including superannuation and retirement calculators for consumers.

The Australian Taxation Office (ATO) also has information for individuals about super.

Information for employers

ASIC’s MoneySmart website contains useful information for about super for employers.

The ATO also has information about super for employers.

Super choice - Meeting your obligations

This whole of government publication provides an overview of the obligations of employers, superannuation trustees and financial advisers under the choice of superannuation initiative. It also sets out the compliance approaches of the ATO, ASIC and APRA.

What can I tell my employees about making a choice of superannuation fund?

ASIC’s Information Sheet 89 (INFO 89) provides general guidance about what you can say to your employees.

What's new

ASIC and APRA welcome law reform on superannuation regulator roles

14 February 2020

ASIC and APRA have jointly welcomed the proposed legislative reforms increasing the role of ASIC in superannuation.  

Read the media release

Report on PYSP Act implementation by superannuation fund trustees

12 February 2020

Report 655 details our review of trustee communications to superannuation fund members in relation to the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 (PYSP Act).

Read the media release

Read the report

ASIC's focus in superannuation

This article by Jane Eccleston, Senior Executive Leader – Superannuation, ASIC, was first published in ASFA’s Superfunds November 2019 edition.

Read the article

Superannuation industry urged to focus on improving insurance outcomes for members

13 December 2019

ASIC has released a report on the superannuation industry’s progress in improving consumer outcomes in relation to life insurance provided through superannuation. Read the media release.

ASIC Commissioner Danielle Press has encouraged the industry to read the report and make meaningful improvements in relation to their insurance offering for the benefit of consumers.

Report on financial advice provided by superannuation funds 

3 December 2019        

Report 639 examines the ways in which superannuation funds help members obtain financial advice and the quality of personal advice obtained through the funds.

Read the media release

Updated RG 97 on fees and cost disclosure

29 November 2019

ASIC has released updated guidance on fees and cost disclosure for issuers of superannuation and managed investment products.

Read the media release

Letter to trustees on new rules for Putting Members’ Interests First

30 October 2019

ASIC has issued a letter to superannuation industry associations to highlight expectations relating to member communications associated with the Treasury Laws Amendment (Putting Members’ Interests First) Act 2019 and further member communications associated with the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019.

Read the letter

Read the media release

Read APRA’s letter and FAQs 

ASIC extends relief for portfolio holdings disclosure

29 October 2019

ASIC has amended ASIC Class Order [CO 14/443] to provide legal certainty about the first reporting day for portfolio holdings disclosure, given the regulations setting out the required disclosures have not yet been made.

Read the media release

ASIC has released Report 633

17 October 2019

ASIC’s review of total and permanent disability (TPD) insurance found a number of poor consumer outcomes. 13.4 million Australians hold this kind of cover – 90% of which are held through their super funds.

ASIC Report 633 reveals restrictive definitions mean many consumers can’t rely on TPD cover when they need it the most. ASIC also found poor claims handling processes and a lack of data lead to consumer harm.

Senior Executive Leader of the Insurers Team, Emma Curtis, and Senior Executive Leader of the Superannuation Team, Jane Eccleston, delve further as to how the insurance and superannuation industry can do better in ASIC’s podcast.

Listen to the podcast

Read the report

Insurance in Superannuation Voluntary Code of Practice

4 October 2019

ASIC has issued a letter to superannuation industry associations, outlining our observations and concerns about the implementation of the Insurance in Super Voluntary Code of Practice.

Read the letter

More super news and reports

Last updated: 12/11/2019 01:59