Superannuation for employees and employers

Information for employees

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 useful information for individuals about super.

Information for employers

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.

Prohibition of employer inducements

ASIC has issued guidance to trustees that using improper inducements to influence employers in their choice of default fund is illegal. For more information see:

  • Information Sheet 241 Prohibition on influencing employers’ superannuation fund choice: section 68A of the SIS Act (INFO 241).
  • Media release 19-198MR.

Other resources

The ATO and business.gov.au both have useful information about super for employers.

What's new

ASIC extends licensing relief to all trustees of registrable superannuation entities for consistent treatment under the law

18 June 2021

ASIC has extended existing licensing relief for public offer trustees to include all registrable superannuation entities to ensure that non-public offer trustees are regulated consistently with public offer trustees under the Corporations Act 2001.

Read the media release

Internal dispute resolution (IDR) in superannuation: Transition from RG 165 to RG 271 from 5 October 2021

28 April 2021

ASIC Commissioner Danielle Press wrote to all superannuation trustee CEOs recently, highlighting the importance of CEO level engagement with the obligations set out in Regulatory Guide 271 – Internal Dispute Resolution (RG 271). These obligations commence 5 October 2021. ASIC is also seeking information from the superannuation industry to understand progress of their preparations for RG 271.

Read the letter (PDF 90 KB)

ASIC’s expectations about new internal dispute resolution requirements for superannuation trustees

March 2021

Regulatory Guide 271: Internal dispute resolution (RG 271) was released in July 2020 and contains updated standards and requirements that will drive financial services firms to ensure they handle consumer complaints in a fair and timely manner.

Jane Eccleston, ASIC’s Superannuation Senior Executive Leader, explains what the changes mean for trustees and outlines ASIC’s expectations.

Read the article

ASIC releases advice fee consent and lack of independence disclosure legislative instruments

25 March 2021

ASIC has made three legislative instruments that deal with advice fee consents and independence disclosure following Royal Assent of the Financial Sector Reform (Hayne Royal Commission Response No.2) Act 2021 earlier this month.

Read the media release

Insurance in super: Turning data into outcomes

12 March 2021

Recent changes to superannuation laws have created many immediate pressures and opportunities for trustees. One opportunity trustees have now is to think holistically about their systems and processes: can they be improved to deliver better outcomes for members and avoid poor outcomes that may only become apparent years down the track? Jane Eccleston, ASIC’s Superannuation Senior Executive Leader, discusses some of ASIC’s recent work on insurance in superannuation and how trustees can use data to improve the insurance they provide to members.

Read the article

Temporary arrangements for trustees notifying ASIC of new responsible managers

5 March 2021

Following recent feedback from the industry, as a temporary measure, ASIC will not require trustees notifying ASIC of the appointment of new responsible manager(s) for the provision of a superannuation trustee service, to provide proof documents that would usually be required at the time of notification.

Read more

Reforms of the core regulatory framework for superannuation

4 February 2021

Government reforms that expand ASIC’s role in superannuation commenced on 1 January 2021. The reforms enable ASIC to play a more effective role in regulating conduct in the superannuation industry to promote better consumer outcomes and market integrity. Jane Eccleston, ASIC’s Superannuation Senior Executive Leader, explains what the reforms mean for trustees, ASIC’s approach to the changes, and how ASIC and APRA will continue to work together as co-regulators of superannuation.

Read the article

More super news and reports

Last updated: 30/03/2021 09:23