ASIC chooses industry fund default

The Australian Securities and Investments Commission (ASIC) has chosen Australia’s largest industry superannuation fund, AustralianSuper as its default fund for ASIC employees.

The regulator, which has been criticised by some elements of the financial services for the perception that it has favoured industry funds, selected AustralianSuper as a default on the basis of its change of status as a Government entity.

Those employed by ASIC are now employed under the ASIC Act instead of the Public Service Act.

The regulator said that as part of the transition process it had selected AustralianSuper as the new default superannuation fund for employees who joined from 1 July this year and who did not nominate a fund.

It said there was no change to arrangements for existing employees, including those who are members of the Commonwealth Superannuation Scheme, the Public Sector Superannuation Scheme and the Public Sector Superannuation accumulation plan.

ASIC said it would be reviewing its default fund arrangements every four years.