In this edition:
Government and regulator interaction
Representatives from ASFA recently attended a meeting with Treasury, APRA and ASIC to discuss the consultation on the exposure draft retirement income covenant legislation and ASFA’s submission. The key issues discussed during the meeting included the proposed commencement date, availability of data, determining sub-classes of members, barriers to trustees providing advice and the need for guidance from APRA and ASIC.
Research and submissions
ASFA made a submission to the deregulation taskforce in relation to modernising document execution, highlighting the importance of either standardising the statutory declaration template across all jurisdictions or a regime where the template is regarded as equally valid in each jurisdiction. The submission also supported the enhanced use of digital and technology services however did not support mandating the method and instead recommended it remain optional for at least the medium term.
ASFA made a submission to Treasury on the Retirement Income Covenant: Exposure draft legislation. Overall ASFA was supportive of the Bill being principles-based, providing trustees with flexibility to meet the requirements. The submission did however highlight the need for trustees to have access to data about members for appropriate benefit design and the need for regulatory reform to enable appropriate guidance and advice to be given.
ASFA made another submission to Treasury on the Review of occupational exclusions in default insurance offered through MySuper products. The submission supports a ban on occupation exclusions for MySuper default insurance. The submission also calls out the potential impact on premiums.
Media
The ASFA Retirement Standard was featured in the Australian which discussed how much you need to have in retirement at different ages.
ASFA’s view on climate change and the potential adverse impact on investment returns without a net zero commitment featured in Money Management, IFA and nestegg.
ASFA’s recent submissions on the proposed financial and auditing requirements for super funds, insurance coverage in superannuation and the retirement covenant were featured in Financial NewsWire.
ASFA’s support for the removal of the $450 threshold for SG contributions was featured in the IFA.
Events and Learning
The ASFA Events and Learning team have several sessions lined up over the next few weeks to make sure you are across the key issues affecting superannuation at this time.
Join us on 4 November for our portfolio holdings disclosure workshop.
We will also be delivering the following learning workshops:
- RG 146 Superannuation Virtual Workshop
- Factual information vs financial product advice Virtual Workshop
- Super Essentials Virtual Workshop
On Thursday 25 November we will be holding the NSW State Forum in Sydney. The full-day’s super-specific program — with leading industry speakers, presentations and networking opportunities — is guaranteed to get everyone talking. This event is also available online.
