Superannuation Alert 10.03.16
Financial Services eBulletin - 10 March 2016
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 27 February 2016, the Treasury Laws Amendment (2016 Measures No. 1) Regulation 2016 (Cth) commenced. This Regulation amends the Superannuation Industry (Supervision) Regulations 1994 in order to recognise online and electronic interactions between superannuation providers and fund members for the purposes of identifying lost members.
- On 1 March 2016, the House of Representatives agreed to the 29 Senate amendments to the Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 (Cth), which now awaits Royal Assent. The accepted amendments include changing the name of the Bill to the Corporations Amendment (Financial Advice Measures) Bill 2015 as well as removing certain amendments to the Statement of Advice, renewal and fee disclosure provisions.
- On 1 March 2016, the following Instruments were registered on the Federal Register of Legislation:
- ASIC Corporations (Superannuation: Accrued Default Amount and Intra-Fund Transfers) Instrument 2016/64 - This instrument remakes ASIC Class Order [CO 04/1574] which was due to sunset on 1 April 2016. This instrument preserves cooling-off relief for certain transfers of members between financial products and interests within a superannuation fund and extends the relief to the movement of an accrued default amount to a MySuper product.
- ASIC Corporations (Superannuation: Investment Strategies) Instrument 2016/65 - This instrument remakes ASIC Class Order [CO 06/636] which was due to sunset on 1 October 2016. This instrument modifies the PDS requirements in Part 7.9 of the Corporations Act to allow the trustee of a superannuation fund to choose between different methods of giving PDSs where a financial product may be acquired through the fund.
- ASIC Corporations (Amendment and Repeal) Instrument 2016/66 - This repeals ASIC Class Orders [CO 04/1574], [CO 06/636] and [CO 02/968].
- On 9 March 2015, the Government released the discussion paper titled "Objective of Superannuation". In response to the Financial System Inquiry (FSI), the Government agreed to develop and introduce legislation to enshrine the objective of the superannuation system. This paper provides background and questions for consultation on the proposed objective of the superannuation system. Although the paper accepts the FSI's recommendation for a 'primary objective', it states that 'a single primary objective cannot possibly encompass all aspects of the purpose and attributes of the superannuation system'. Accordingly, the paper raises a number of points for discussion in relation to 'subsidiary objectives' recommended by the FSI. The questions for consultation are:
- Do you agree with the objectives recommended by the FSI? Why?
- If you do not agree with the FSI recommendation, what do you think should be the objective of superannuation? Why? What are the implications of this objective?
- In which piece of legislation should the objective be legislated and why?
The government has invited interested parties to provide submissions by 6 April 2016.
All information on this site is of a general nature only and is not intended to be relied upon as, nor to be a substitute for, specific legal professional advice. No responsibility for the loss occasioned to any person acting on or refraining from action as a result of any material published can be accepted.