Australia: Superannuation & Funds Management - What's News - 24 March 2015

Last Updated: 1 April 2015
Article by Steve Aitchison, Lisa Cody and Lou Farinotti

Most Read Contributor in Australia, September 2016

In the media

ASIC issues major cyber resilience report
ASIC – 19 March 2015 – ASIC today published Report 429 Cyber resilience: Health Check (REP 429) to help its regulated population improve cyber resilience. Report 429 highlights the importance of cyber resilience to ASIC's regulated population, to support investor and financial consumer trust and confidence and ensure markets are fair, orderly and transparent. More...

AIST – Mercer Super Tracker
AIST – 19 March 2015 – Launched at AIST's Conference of Major Superannuation Funds on the Gold Coast – this has been jointly developed by AIST and Mercer to provide an objective means of assessing super and road test new ideas and policies. More...

Pre and post-retirement uncertainty offers super funds a $480bn opportunity
MEDIA – 18 March 2015 – A high degree of uncertainty among pre and post-retirees when it comes to retirement options represents a $480 billion opportunity for super funds, new research from CoreData has revealed. Super funds must clearly communicate how their products offer the best overall retirement solution. More...

ASIC calls for product intervention powers
MEDIA – 18 March 2015 – The corporate regulator has called for product intervention powers to boost its toolkit and allow it to better meet industry expectations. ASIC deputy chair Peter Kell said the regulator supported recommendations made by the Financial System Inquiry (FSI) that would provide it with product intervention powers. More...

Industry funds warned on related party deals
MEDIA – 18 March 2015 – Industry superannuation funds have been warned by the Australian Prudential Regulation Authority (APRA) that the regulator has taken on board evidence given during the Trade Union Royal Commission and that funds will need to carefully review and monitor related party arrangements. More...

APRA address to the Conference of Major Super Funds
APRA – 18 March 2015 – The Australian Prudential Regulation Authority (APRA) has released Helen Rowell's Speech at the Conference of Major Superannuation Funds, entitled: "Tapping into the regulators radar". More...

ASFA course targets retirement-phase planners MEDIA – 16 March 2015 – The Association of Superannuation Funds of Australia (ASFA) has unveiled a new qualification targeted at financial planners advising in the post-retirement space. More...

Risk Management and Governance – a Prudential Regulator perspective – APRA transcript of speech, Macquarie University Financial Risk Day
APRA – 16 March 2015 – Deputy Chairman of the Australian Prudential Regulation Authority, Ian Laughlin, discusses Prudential Standards, Risk management, Governance, Ratings and quality assessments, Practical aspects of quality assessments, Benchmarking, Risk Governance, and views based on experience. Primarily relates to ADI's and insurers but in principle much of it is also relevant to superannuation trustees. More...

APRA letter to RSE licensees regarding the deferral of reporting standards
APRA – 13 March 2015 – As part of the new superannuation reporting requirements, APRA introduced Reporting Standard SRS 534.0 Derivative Financial Instruments (SRS 534.0) for RSE licensees that invest in directly held derivatives. SRS 534.0 collects information on the types of derivative instruments used and individual holdings of over-the-counter derivatives. More...

Single super aim would allow policy testing
MEDIA – 12 March 2015 – Opposition treasury spokesman Chris Bowen has backed a key Financial System Inquiry (FSI) recommendation to establish a clear objective for superannuation as it would allow future policy ideas to be tested and measured. More...

New fact sheet to help people nominate superannuation death benefit beneficiaries: ASFA
ASFA – 12 March 2015 – The Association of Superannuation Funds of Australia (ASFA) has released a new fact sheet designed to help guide people through the process of nominating a beneficiary for their superannuation death benefit, and a Best Practice Paper, available exclusively to its members, on managing death benefit claims. More...

Demand for ethical investments soars
MEDIA – 10 March 2015 – Ethically-screened FUM monitored by the Ethical Advisers' Co-operative has increased by 18% in the past 12 months to $910 million. Labelling itself "Australia's First Adviser Co-Operative", the EAC is a collection of financial planning firms focused on investments screened for "environmental, social, governance and ethical factors". More...

The gender superannuation gap
ISA – 10 March 2015 – The current 19% pay gap between women and men's wages in Australia is translating into a yawning superannuation gap of 47%. Women are currently retiring with $90,000 less than men, and 29% of women over 65 are living below the poverty line. More...

ASFA says super access for home deposit dicey
MEDIA – 10 March 2015 – Allowing early access to superannuation for the purposes of buying a home or job training was likely to leave Australians with worse retirement outcomes, the Association of Superannuation Funds of Australia (ASFA) says. More...

Challenger calls for deferred annuity review
MEDIA – 9 March 2015 – Policy changes that allowed for and encouraged the development of retirement income products should be a top priority following the release of the "2015 Intergenerational Report" (IGR). More...

ASFA Quick Reference Guide: Superannuation disability claims – statutes of limitations
The purpose of this quick reference guide is to provide ASFA members with a snapshot of the disability claims limitation periods for each of the Australian states and territories. More...

Privacy law reform report card
On 12 March 2014, changes to the Privacy Act 1988 (Privacy Act) commenced. More...

Scrutiny of financial advice
Transcript of Senate Economics References Committee, 6 March 2015, hearing into Scrutiny of financial advice. On 2 March 2015, the Senate granted an extension to the committee to report by 1 February 2016. More...

Submissions: Fairer Taxation of Excess Non-Concessional Contributions Reforms Regulations [Exposure Draft]
A new exposure draft regulation and draft explanatory statement would make changes to regulations to implement the Fairer Taxation of Excess Non-concessional Contributions reforms. Submissions close on 18 March 2015. More...

ASFA Submissions

Submission to Treasury: Fairer taxation of excess non-concessional contributions reforms – Regulations (18 March 2015).

Submission to ASIC: Consultation Paper 227 – Disclosure and reporting requirements for superannuation trustees: s29QC (13 March 2015).

Submission to ASIC: Review of Regulatory Guide 97 – Disclosing fees and costs in PDSs and periodic statements (6 March 2015).

Submission to ATO: Single Touch Payroll discussion paper (6 March 2015).

Murray Report: Consultation process
FSI – 7 December 2014 – The Government is consulting on the Inquiry's recommendations before making any decisions, and is calling for written submissions from all stakeholders. The deadline for submissions is 31 March 2015. More...

This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Mondaq Advice Centre (MACs)
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Check to state you have read and
agree to our Terms and Conditions

Terms & Conditions and Privacy Statement (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

Use of

You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.


Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.


Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.

Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

If you do not want us to provide your name and email address you may opt out by clicking here .

If you do not wish to receive any future announcements of products and services offered by Mondaq by clicking here .

Information Collection and Use

We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to with “no disclosure” in the subject heading

Mondaq News Alerts

In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

Log Files

We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

Surveys & Contests

From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to

Correcting/Updating Personal Information

If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to

Notification of Changes

If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

How to contact Mondaq

You can contact us with comments or queries at

If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at and we will use commercially reasonable efforts to determine and correct the problem promptly.