ASIC has released a consultation paper proposing reforms to assist superannuation fund trustees in providing retirement estimates. Consultation Paper 203 Age pension estimates in superannuation forecasts: Updates to RG 229 (CP 203) proposes updates of ASIC’s original guidance issued in December 2011.
CP 203 proposes reforms which:
- allow super funds to include the Age Pension as part of a retirement estimate;
- clarify that super funds may rely on the prescribed assumptions about contributions and earnings in calculating a member’s retirement estimate. ASIC said it does not expect the super fund to make specific inquiries to determine whether the member’s individual circumstances match the prescribed assumptions;
- make other minor amendments to improve the operation of the relief.
ASIC Commissioner John Price said the consultation aims to broaden the ability of super funds to use retirement estimates if they wish.
COMMENTS on CP 203 are due by 19 April 2013.
Source: ASIC release 13-056MR, 20 March 2013
[LTN 55, 21/3/13]