CEO Distrbutes Important Information from ASIC Regarding Superannuation

Feb 17 2016

Important Information to Employers About Super

Although this topic and legislation is not directly related to the credit products our Members provide and is outside the normal scope of information passed on to Members, it is none-the-less an important topic that may impact any credit provider or credit assistant entity that employs staff.

 Wednesday 17 February 2016

Source : 16-038MR ASIC guidance to employers about super

ASIC has updated its MoneySmart website to help employers select a default superannuation fund for employees.

'Super is a complex area, not just for individuals but for employers as well – and we know decisions that employers make can have a big impact on employees and their retirement savings,' ASIC Commissioner Greg Tanzer said.

'The new information on ASIC's MoneySmart website will assist employers to make some of these important decisions.'

The updated information encourages employers to consider a range of factors when deciding about a default super fund for employees, including fees, investment options offered, fund performance and insurance. 

Commissioner Tanzer said ASIC also encourages employers to be very wary of trustees offering them inducements to pick their funds.

'Employers should not choose a default fund on the basis of an inducement. I strongly encourage employers who are concerned they may have been offered an inducement that is illegal to contact ASIC,' Commissioner Tanzer said.

Read the rest of the article including the Background to the media release HERE.