ASIC Guidance for Disclosure on Superannuation Websites

On 16 June 2014 ASIC released guidance [Regulatory Guide RG 252]  to help superannuation trustees disclose information about superannuation funds and their trustees on their websites with the intention of enabling increased transparency by the industry.  

The changes form part of the Stronger Super reforms which start from 1 July 2014. From next month, superannuation funds must also actively publish on their websites details of  remuneration received by their executive officers and individual trustees, including any appointments and termination/retirement benefits.  In addition copies of the governing rules, actuarial reports and summaries of ‘Significant Events’ that have occurred over the past two years must be kept up to date at all times. 

Regulatory Guide 252 Keeping superannuation websites up to date (RG 252) states that a website will be viewed as being up to date if the information is within 20 business days. For information on remuneration, a website needs to be updated within four months. These time frames are referred to as a ‘safe harbour’ which means that super companies will be viewed as complying with the law if they update their website within these time frames.

The timeframes are set out in Class Order [CO 14/509] Keeping RSEs’ superannuation websites up to date.

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