Superannuation Alert 29.04.16
Financial Services eBulletin - 29 April 2016
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 7 April 2016, the New South Wales Court of Appeal (Court of Appeal) handed down its decision in TAL Life Ltd v Shuetrim; MetLife Insurance Ltd v Shuetrim  NSWCA 68. The Court of Appeal allowed the appeals on the basis that the primary judge had erred in concluding that the insurers had breached their duties of good faith and dealing to the claimant, and erred in finding that the claimant met the TPD definitions in each insurance policy. Interestingly, the Court of Appeal stated when an insurer is making an assessment of TPD on the basis that the claimant is "unlikely ever" to return to employment for which he/she was reasonably qualified by education, training or experience, the "critical distinction is between possibilities which are readily contemplatable even though they may not be more probable than not, and possibilities which are remote or speculative. A real chance that a person will return to relevant work, even if it is less than 50%, will preclude an Insured Person being unlikely ever to return to relevant work."
- On 21 April 2016, ASIC released revised Regulatory Guide 167 Licensing: Discretionary powers (RG 167). Section D of RG 167 was updated to provide guidance regarding the relief that applies to generic financial calculators pursuant to ASIC Corporations (Generic Calculators) Instrument 2016/207. On the same day ASIC also released Report 477 Response to submissions on CP 249 Remaking ASIC class order on generic financial calculators [CO 05/1122].
- On 28 April 2016, the ASIC Superannuation (Amendment) Instrument 2016/345 was registered. According to the Explanatory Statement, the "purpose of the Instrument is to further defer the start date until 1 July 2017 for certain disclosures required under subsection 29QB(1) of the SIS Act for standard employer-sponsored sub-plans."
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