Super calculator deadline extended

By Killian Plastow

— 1 minute read

19 December 2016

ASIC has delayed the commencement of new requirements for superannuation calculators to accommodate for recent reforms to the system.

The commencement of the new requirement for financial calculators to account for inflation when making estimates on future returns has been extended from 1 April 2017 to 1 July 2018, ASIC said.

The regulator chose to defer the commencement of this regulation as “there are a number of current superannuation reforms that may impact on how superannuation calculators should present and calculate estimates” moving forward.

“For example, the regulations have not yet been made to refine the content and presentation requirements for a Choice product dashboard, including the use of a ‘super estimator’,” ASIC said.

ASIC have also deferred the commencement of superannuation consistency requirements to “allow sufficient time” for the Choice dashboard to be developed and implemented, saying it will be “beneficial” to finalise this report before settling the policy position on the new requirement.

Commencement of these consistency requirements, which necessitate that trustees give the same information provided to APRA under reporting standards to others to ensure information is calculated the same way across different parties, has been deferred until 1 January 2019.