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Finance Broking Australia-regulatory guide 229 superannuation forecasts

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Regulatory Guide 229 - Superannuation forecasts CPD

This is a guide for super fund trustees and their advisers that explains the relief ASIC have given to trustees to provide their members with superannuation forecasts, both in the form of a statement (referred to in this guide as a ‘retirement estimate’) or as a calculator.

To fall within our relief, a retirement estimate must:
•    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.

This guide also explains how our general relief for providers of financial calculators applies to superannuation calculators.

A superannuation forecast is an estimate provided to a super fund member of the balance of their superannuation investment at retirement, provided in the form of a statement (retirement estimate) or a calculator.

This guide explains the relief ASIC have given to super fund trustees that give retirement estimates to their members. ASIC have provided relief from the personal advice provisions of the Corporations Act where:
•    A retirement estimate sets out the mandatory content (see Section B);
•    The member’s end benefit is calculated taking into account all of the required variables, and using the default assumptions (see Section C); and
•    The retirement estimate is given at the same time as the periodic statement and is included in, or accompanies, the statement (see Section D).

ASIC’s relief and guidance on financial calculators continue to apply. This guide gives specific guidance on how providers of superannuation calculators can comply with the relief.

ASIC believes that giving super fund trustees some flexibility in choosing the presentation format will allow them to develop retirement estimates that best serve the needs of their members: see RG 229.31–RG 229.32.

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