Super Alert – 3 July 2020


Posted By on 3/07/20 at 3:11 PM

Welcome to the third issue of the KHQ Super Alert covering a range of releases from the regulators. Importantly, it includes the updated MySuper Product Heatmap from APRA.

KHQ Lawyers - Super Alert

ASIC – ASIC Corporations, Superannuation and Credit (Amendment) Instrument 2020/99

On 25 June 2020, an ASIC instrument was registered to extend the transitional application of RG 165 regarding internal dispute resolution standards until 5 October 2021.

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APRA – COVID-19 early release data

On 29 June 2020, APRA issued the latest data on the temporary early release of superannuation scheme for applications received between 20 April and 21 June 2020. APRA notes that ‘[h]igh volumes of applications are expected for the start of the second tranche of the COVID-19 Early Release Scheme in the first week of July’.

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APRA – updated heatmap

On 30 June 2020, APRA published its first update to the ‘MySuper Product Heatmap’ which was launched six months ago. It states that ‘[m]ore than 40 per cent of MySuper members have seen a reduction in fees’ since the December MySuper Product Heatmap. APRA notes that ‘[t]he tool uses a graduating colour scheme to deliver insights into the performance of all MySuper products across three areas: investment performance, fees and costs, and sustainability of member outcomes’.

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Sen. Hon Jane Hume media release – Superannuation Legislation Amendment (2020 Measures No. 1) Regulations 2020

On 30 June 2020, the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator the Hon Jane Hume, announced that ‘Regulations are now in force so that from July 1 people aged 65 and 66 can make voluntary concessional and non-concessional contributions without meeting the work test, and to allow people up to age 75 to receive spouse contributions. These changes were announced as part of the 2019-2020 Budget, as part of the Superannuation — improving flexibility for older Australians measure. Another change in this package – to allow people aged 65 and 66 to make up to three years of non-concessional contributions under the bring-forward rule – is currently before the Parliament in the Treasury Laws Amendment (More Flexibility Superannuation) Bill 2020’.

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ASIC – Information Sheets on whistleblower protection regime

On 30 June 2020, ASIC released new information sheets ‘to help companies, company officers and company auditors understand and comply with their obligations under the corporate whistleblower protection regime’.

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KHQ Lawyers - Natalie Cambrell

Natalie Cambrell Principal Solicitor

Natalie Cambrell leads our superannuation and financial services team.  With more than 20 years’ experience, she has an enviable reputation for her in-depth knowledge in these highly regulated and... Read More