Your home for profit-to-member Super
Join the leading voice in profit-to-member super
Our full list of member super funds
View the upcoming courses in your city
AIST's flagship educational program
Explore the history, rules and regulations of superannuation and how it fits into Australia’s economic landscape – and become RG146 compliant.
Listing of all upcoming events
The premier idea sharing and networking event for Australia’s $1.5 trillion profit-to-member super sector
AIST's annual Superannuation Investment conference
Research, insights and advocacy on the most pressing topics in super
Our response to changes in the political and policy environment
From AIST's governance code to practical guidance and toolkits
Industry news, latest resources and event updates
Stay connected to the latest policy news
Photo, audio and video content
Our mission, vision and values
Meet our team
Our board of directors, constitution and committees
News, insights and resources as they unfold.
Stay up-to-date with the issues affecting super.
Two of the three key measures in the Your Future Your Super will commence on 1 July.
New performance testing measures (including the ATO’s consumer tool that ranks MySuper products ) and the Best Financial Interests Duty are set to come into effect on 1 July, while the commencement date for the stapling measure has been pushed out to 1 November, 2021
Meanwhile, APRA will be undertaking a performance assessment of all MySuper products and advising trustees of their determination by 31 August 2021. Underperforming funds will then have 28 days to advise their members.
While the Government is yet to provide details on when final regulations related to each of the three schedules will be released, this will not alter the commencement date of the legislation.
Five AIST member funds are set to appear at next week’s House of Representatives Standing Committee on Economics’ superannuation hearings.
Witnesses to appear at the July 8 hearings, which are chaired by Liberal MP, Tim Wilson, include AustralianSuper, Cbus, Aware Super, Maritime Super and TWUSUPER.
The July hearings mark the ninth round of superannuation hearings since the Committee’s review of the four major banks and other financial institutions commenced in 2019 following the Hayne Royal Commission.
A full list of witnesses scheduled to appear and the day’s program can be found here.
A super industry working group set up to assist funds in the implementation of the revised (RG 97) fee and cost disclosure regime has produced a list of Q&As.
The Q&As cover:
AIST has been actively involved in the working group and the Q&As are posted on our website. See here.
It should also be noted that a previous Industry Working Group Guidance document produced in 2017 can still be used by product providers until they opt-in to the new Regulatory Guide 97 regime. The Guidance document will no longer be relevant for a provider after it fully moves to the new RG 97 regime.
APRA has published additional FAQs and worked examples to provide further guidance for funds on meeting the Reporting Standards for Phase 1 of the Superannuation Data Transformation.
Included are worked examples for reporting under SRS 550.0 Asset Allocation, SRS 705.0 Components of Net Return, SRS 705.1 Investment Performance and Objectives and SRS 706.0 Fees and Costs.
ASIC has extended existing licensing relief for public offer trustees to include all registrable superannuation entities to ensure that non-public offer trustees are regulated consistently with public offer trustees.
ASIC (Superannuation and Schemes: Underlying Investments) Instrument 2016/378 (primary instrument) confirms that a dealing authorisation under an Australian financial services (AFS) licence is not required by public offer trustees in order to deal in a financial product (other than an interest in the fund) in the ordinary course of operating the superannuation fund.
Legislation to establish the Financial Regulator Assessment Authority (FRAA) has passed Parliament.
The new Authority – established following a recommendation of the Hayne Royal Commission – will review and report on the effectiveness and capability of the ASIC and APRA.
The FRAA's biennial reports on the regulators' effectiveness and capability will be tabled in the Parliament and will complement the existing accountability mechanisms that apply to the regulators.
The Bill also delivers the Government’s announcement on 9 December 2020 that it would wind-up FASEA and transfer its standard setting functions to the Minister responsible for the Corporations Act and to ASIC
The Government has today introduced a bill to implement a recommendation of the Hayne Royal Commission to establish a single disciplinary body for financial advisers and the requirement that all financial advisers who provide personal financial advice to retail clients be registered.
The Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Bill 2021 implements recommendation 7.1 of the Tax Practitioners Board Review, which recommended that a new model be developed for regulating tax (financial) advisers in alignment with implementing recommendation 2.10 of the Royal Commission Final Report.
In line with the announcement made on 9 December 2020, FASEA will be wound up and its standard making functions moved to be the responsibility of the Treasurer, supported by Treasury.
The Bill commences on the day after Royal Assent. The new disciplinary and registration systems for financial advisers are set to apply from 1 January 2022.
The Bill and the Explanatory Memorandum can be read here.
Stay up-to-date on the current status of superannuation Bills currently before Parliament here.