ASIC has released Regulatory Guide 276 Superannuation forecasts: Calculators and retirement estimates (RG 276) and a new legislative instrument updating the relief which facilitates the provision of superannuation calculators and retirement estimates.
ASIC Corporations (Superannuation Calculators and Retirement Estimates) Instrument 2022/603, which continues relief for retirement estimates and superannuation calculators (superannuation forecasts) commenced on 1 July 2022.
The Instrument provides conditional relief from the AFS licensing requirements of the Corporations Act 2001 for superannuation trustees who prepare retirement estimates for their members, and for providers of superannuation calculators. Where a trustee or other provider already holds an AFS licence, the Instrument provides relief from the requirements relating to advice in Divisions 2, 3 and 4 of Part 7.7 of the Act.
ASIC has provided a transition period of six months, during which providers of superannuation forecasts may rely upon either the existing relief or the new relief. Only the new relief will be available from 1 January 2023.
Under ASIC’s relief, a financial calculator, including a superannuation calculator, may be provided by any person, and a retirement estimate may only be provided by a superannuation trustee. To rely on ASIC’s relief, providers must comply with the conditions set out in the legislative instruments.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
