ASIC keeps a close eye on superannuation fund mergers

Superannuation funds trustees have been sent reminder notifications by the Australian Securities and Investments Commission (ASIC) regarding changes to disclosure requirements around fund mergers.

Super funds are required to inform members about any merger of funds and provide transferring members with a new product disclosure statement (PDS) that explains the new product the member will hold following the merger, ASIC stated. Super funds are also required to update PDSs explaining the merger to prospective members, it added.

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The reminder to super funds came about as a result of ASIC being aware that merger and consolidation activity was occurring in the superannuation industry, ASIC stated.

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