The Australian Securities and Investments Commission (ASIC) has extended the relief for superannuation trustees who give their members retirement estimates on a periodic statement for nine more months.
Originally expected to sunset on 1 April, 2022, the corporate regulator said it would extend the Class Order [CO 11/1227] Relief for providers of retirement estimates, so that superannuation trustees could continue to use the relief when sending annual statements to members for the 2021-22 financial year.
CO 11/1227 gave conditional relief from the licensing, conduct and disclosure obligations relating to personal advice in the Corporations Act 2001 that might otherwise apply to a superannuation trustee providing retirement estimates to its members.
ASIC was currently considering stakeholder feedback on Consultation Paper 351 Superannuation forecasts: Update to relief and guidance (CP 351), which outlined ASIC’s proposals to update the relief for retirement estimates and superannuation calculators.
The regulator intended to make a new legislative instrument for both superannuation calculators and retirement estimates before the end of June 2022.
It said this would not prevent trustees relying on the existing relief for retirement estimates in 2021-22 annual statements to members.
And there would be a transitional period to enable industry to continue relying on existing relief for both superannuation calculators and retirement estimates even after the new instrument is made.