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ASIC issues super disclosure reminder

The corporate regulator has issued a statement to superannuation funds with employer subplans reminding them of changes to their disclosure requirements.

Super funds with employer subplans will be required to publicly disclose transparency information for those plans from July, ASIC said.

“Under the interim relief, which has been available since 1 July 2013, trustees do not have to publish certain documents, or can redact information from documents, where the document or information relates solely to a standard employer subplan,” the regulator explained.

“From 1 July 2017, trustees must make all transparency information available, even where it relates to a subplan but can still redact information that is personal to a beneficiary or former beneficiary of the fund.”

ASIC said the disclosure of this information intended to increase the funds’ and trustees’ accountability to the market.

“Interested members may also use it and so contribute to industry accountability,” the regulator said.

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