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Superannuation for employees and employers

Information for employees

ASIC’s Moneysmart website helps consumers take steps to improve their personal finances. It provides free, independent guidance including superannuation and retirement calculators for consumers.

The Australian Taxation Office (ATO) also has useful information for individuals about super. This includes the YourSuper comparison tool, a simple way to compare MySuper products and help you choose a super fund that meets your needs.

Information for employers

Communicating with employees about choice of superannuation fund: What you can and cannot do

ASIC’s Information Sheet 89 Communicating with employees about choice of superannuation fund: What you can and cannot do (INFO 89) provides general guidance on how employers can communicate with employees about super choices without breaking the law, and what employers should avoid saying or doing.

For more information see Media Release (21-272MR) ASIC releases updated information about the distribution of superannuation products (15 October 2021).

Prohibition of employer inducements

ASIC has issued guidance to trustees that using improper inducements to influence employers in their choice of default fund is illegal. For more information see:

  • Information Sheet 241 Prohibition on influencing employers’ superannuation fund choice: section 68A of the SIS Act (INFO 241)
  • Media Release (21-272MR) ASIC releases updated information about the distribution of superannuation products (15 October 2021)
  • Media Release (19-198MR) Trustees warned about influencing employers through improper inducements (31 July 2019).

The ATO and business.gov.au both have useful information about super for employers.

What's new

ASIC calls on industry to improve oversight of Choice super performance and address issues

21 February 2024

ASIC has called out the risk to retirement outcomes for Australians holding their super in persistently underperforming options, and calls on trustees, financial advisers and advice licensees to focus on the performance of Choice investment options.

Read the release

Read the report

ASIC temporarily extends relief from disclosure and reporting consistency obligations for super trustees

21 December 2023

A new instrument ASIC Superannuation (Disclosure and Reporting Consistency Obligations) Instrument 2023/941 continues the relief previously provided under ASIC Class Order [CO 14/541] which is due to expire on 1 January 2024.

Read more about the deferral

OnePath Custodians penalised $5 million for fees for no service misconduct

29 November 2023

The Federal Court has ordered OnePath Custodians Pty Ltd to pay a penalty for making false or misleading representations about its right to continue charging fees, and for failing to provide services to members efficiently, honestly and fairly due to its misleading conduct and by deducting fees when not entitled to do so.

Read the media release

HESTA trustee pays infringement notices for misleading marketing

10 November 2023

ASIC has taken action against H.E.S.T. Australia Limited (HESTA), the trustee of HESTA superannuation fund, for alleged false or misleading statements made in their marketing material.

Read the media release

ASIC takes civil penalty action against Telstra Super

6 November 2023

ASIC has commenced civil penalty proceedings in the Federal Court alleging Telstra Super failed to comply with internal dispute resolution requirements.

Read the media release

ASIC proposes to temporarily extend relief from disclosure and reporting consistency obligations for super trustee

6 November 2023

ASIC proposes to extend the exemption from the consistency obligations in ASIC Class Order [CO 14/541]  for two years.

Read more

Last updated: 02/02/2022 01:51