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Article | Super Update

July Super Update – time to review your calculators and retirement estimates?

July 28, 2022

Updated ASIC relief and guidance for retirement estimates and superannuation calculators is now final with some significant changes to both the disclosure requirements and assumptions used.

ASIC has now finalised its updated relief and guidance on retirement estimates and superannuation calculators, and announced a very welcome six-month transition period for funds to move to the updated relief. Trustees who will continue to rely on the relief should now consider a review of their current tools.

In this Super Update, we look at the important changes to both the disclosure requirements and the assumptions that are to be used. Disclosure will now be principles-based rather than prescribed, while inflation assumptions have been prescribed to calculate values in today’s dollars for both retirement estimates and calculators. Other significant changes to assumptions include the default drawdown period and the ability to include age pension amounts in estimates if trustees so desire.

Our Super Update also outlines the government’s announcement on suspending the performance test for non-MySuper products, with key information on ASIC and APRA guidance in anticipation of this year’s MySuper test.

As usual, our legislative update focuses on various bills, regulations and consultations affecting super, while the news in brief section looks at APRA expectations on crypto-assets, an ASIC Information Sheet on how super funds can avoid “greenwashing”, final financial sector levies for 2022/23 and the latest APRA superannuation statistical publications.

We also include our handy guide to key changes in superannuation and their effective dates.

Title File Type File Size
Super Update July 2022 PDF .4 MB
Related content tags, list of links Article Super Update Retirement Australia
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