Superannuation Website Disclosure Requirements

The Government is conducting further consultations on the rules for the disclosure of portfolio assets by pension funds. The government`s first consultation was part of the “Your Future, Your Super” regulation and related measures, which were launched on April 28, 2021. The HHP regime still requires the disclosure of a significant amount of information, including a complete list of listed equity positions (including holdings). We anticipate that the volume of data disclosed will be significant and that trustees will still have a lot of work to do to prepare for the first reporting date of December 31, 2021. It is important to note that there are no changes in the investments that fall within the scope of the PhD program (i.e. the investment elements associated with each investment option) – the changes only simplify how information is to be presented. Five companies that are or were part of the AMP Limited group (collectively, “AMP”) were fined a total of $14.5 million by the Federal Court for charging fees for services not provided to 1,452 pension plan members. ASIC`s Focus on Pensions 2022-23 – ASFA Superfunds Fact Sheet 170 MySuper Product Dashboard requirements for superannuation trustees (INFO 170) provides guidance to pension trustees and others regarding the product dashboard requirements in Standard 1017BA of the Companies Act 2001 for MySuper products. Settled returns for pension funds: Forms, instructions and FAQs are available in SRS 602.0 Liquidation. For more information, please email [email protected] In short, the HPD rules are designed to provide greater transparency to pension fund members (and others) by requiring trustees to take a “snapshot” of the portfolio composition of each of their investment options on June 30 and December 31 of each year. This information shall be made available on a publicly accessible part of a fund`s website within 90 days.

Regulatory Guide 175 Licences: Financial Product Advisors – Conduct and Disclosure (RG 175) provides guidance on the conduct and disclosure requirements set out in sections 7.7 and 2 of section 7.7A of the Companies Act, 2001, in particular their application to the provision of advice on financial products. It is relevant to those working in the annuity insurance industry, including holders of registrable pension fund (RSE) licences, custodians and administrators. Pension funds are required by the Financial Sector (Data Collection) Act 2001 and its reporting standards to provide APRA data. Data is defined in report forms and instructions. Some forms are subject to verification requirements. This should mean that compliance with the new regime from 31 December 2021 will be much easier than it would have been on the basis of some previous proposals. It should also avoid the very real risks that bond funds – which had expressed serious concerns about the dissemination of their assets everywhere on public websites – would end up as undesirable investment partners for asset managers and co-owners. Given the other concessions, it is perhaps not surprising that the regulations do not include blanket exemptions for certain types of assets, nor a materiality threshold – so any asset in a pension fund`s portfolio is potentially relevant for doctoral disclosure purposes (subject to the aggregation rules mentioned above). Information on how to agree on consultation fees can be found at: We are always working to improve our pension information and want to know what is important to you.

Please leave us a comment. Fortunately for pension plan trustees, the regulations provide for much easier disclosure than was provided for in the previous version. The start date of the consistency requirement has been postponed to January 1, 2024. ASIC extended an earlier deferral by amending the bulk order disclosure exemption [CO 14/541] CSR licensed s29QC SIS Act. ASIC did so in order to have more time to consider the political position regarding this requirement. If the policy position is settled before the postponement date, the instrument may be revoked. Contributions to this consultation are welcome to [email protected] Even for unlisted and fixed income assets “managed in-house”, where additional details on the exact asset will need to be disclosed (e.g. it will be necessary to provide the address of ownership and percentage of ownership of the fund, and it will be necessary to disclose the name and percentage of ownership of unlisted infrastructure assets), Pension plan trustees will no longer be required to disclose the value of these assets.

Instead, only the total value of all internally managed assets in this asset class (for example, all internally managed real estate assets or all internally managed infrastructure assets) should be disclosed. The Corporations Amendment (Portfolio Holdings Disclosure) Regulations 2021 (the Regulations) define how a pension trustee must disclose his or her portfolio assets and provide a number of (very simplified) examples of how the information should be presented. In a significant departure from the draft, the regulations now allow a number of assets to be reported on an aggregate basis. Overall, this should significantly simplify the scope of disclosure required and (except perhaps in certain circumstances) provide better protection for commercially sensitive information. Key aspects of the revised regime, which we believe largely address the fiduciaries` long-standing and well-founded concerns about the forced disclosure of commercially sensitive investment information, are listed below. The shorter Product Disclosure Reporting (POS) system came into effect on June 22, 2012. To help industry develop innovative new products for retirement, the government has also provided product providers with a streamlined way to work with four key organizations on a proposed product – ATO, DSS, APRA and ASIC – in a single process. The interagency process is voluntary and can be used at any time during the development of an innovative retirement income stream product. It allows a product supplier to test concepts and obtain information and advice on how those products meet the requirements of the relevant legislation. Following a recent analysis of fixed income investment options labelling practices, ASIC Senior Executive Jane Eccleston says fiduciaries should carefully consider whether the labels they use for their investment options promote a strong understanding of key characteristics and risks by consumers.

About the author