ASIC has issued six infringement notices totalling $118,800 to trustees of three superannuation funds after identifying alleged false or misleading representations about their superannuation investment options during a review of disclosures on superannuation trustees’ websites.

The following funds each received two infringement notices totalling $39,600:

• Australian Retirement Trust Pty Ltd (ART),
• Tetra Servicing Pty Ltd (formerly Telstra Super Pty Ltd) (Telstra Super) and
• Australian Meat Industry Superannuation Pty Ltd (AMIST). AMIST is the trustee of Australian Food Super (formerly known as Australian Meat Industry Superannuation Trust).

ART and Telstra Super have paid, and AMIST has agreed to pay the amounts payable under the infringement notices.

ASIC Commissioner Simone Constant said, ‘Members rely on superannuation trustees to provide accurate information about investment options, asset allocation and performance objectives. Getting these basics right is fundamental.

‘Trustees should regularly review their disclosures to ensure they are current, accurate and consistent with how investment options are actually managed. Where we identify misleading conduct, ASIC will not hesitate to take regulatory action.’

ASIC conducted a targeted review of disclosures on superannuation trustees’ websites to ensure members were provided with current, consistent and accurate information. Where that information is incorrect, it may mislead members when making decisions about their superannuation.

Following that review, ASIC held concerns that:

• AMIST: From 9 July 2025 to 19 September 2025, AMIST represented on its website and in a Member Outcomes Assessment Summary that its Alternatives Option was invested entirely in private equity. In fact, international shares made up a significant portion of the option, accounting for 41.12% of assets at the end of August 2025.
• ART: From 10 July 2025 to at least 15 October 2025, ART represented in its online member portal that its Unlisted Assets investment option was invested 100% in unlisted assets and alternatives. However, around 5% of the option was invested in listed property and/or listed equity; and
• Telstra Super: From 16 July 2025 to 16 March 2026, Telstra Super represented on its website, in relation to its Property Option, it had used a seven-year time horizon to set and measure the return objective and had a long-term strategic investment mix of 62.5% growth assets and 37.5% defensive assets. In fact, the option used a 10-year time horizon to set and measure the return objective and had a long-term strategic investment mix of 67.5% growth assets and 32.5% defensive assets. That information was correctly stated in the Investment Guide, which formed part of the PDS and was linked from Telstra Super's website; however, ASIC was concerned that the corresponding website representations were inaccurate.

ART paid the infringement notices on 10 August 2026, and Telstra Super paid the infringement notices on 3 September 2026. AMIST has agreed to pay the infringement notices by 2 September 2027. Payment of an infringement notice is not an admission of guilt or liability.

The specific reasons for ASIC’s concerns are set out in the infringement notices which have been published on the infringement notices register.

Background

ART is the trustee of Australian Retirement Trust, the second largest superannuation fund in Australia, with almost 2.5 million member accounts and approximately $346.3 billion in member benefits as at March 2026.

AMIST is the trustee of Australian Food Super (formerly known as Australian Meat Industry Superannuation Trust), a superannuation fund with approximately 67,500 member accounts and $3.5 billion in member benefits as at March 2026. The Alternatives Option is no longer available to members.

Telstra Super was the trustee of the Telstra Superannuation Scheme until 30 April 2026, when it merged with the Aware Super fund. On 1 May 2026, Telstra Super Pty Ltd changed its name to Tetra Servicing Pty Ltd.

As at March 2026, the Telstra Superannuation Scheme had over 95,000 member accounts and over $27 billion in member benefits.

Under section 12DB of the Australian Securities and Investments Commission Act 2001, it is an offence to make false or misleading representations about financial services. ASIC may issue an infringement notice where it has reasonable grounds to believe a contravention has occurred.

This action forms part of ASIC’s ongoing focus on holding superannuation trustees to account for member services and disclosure failures and reinforcing the importance of accurate and consistent investment disclosures.