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Author: Admin | 2025-04-28
ASIC has released Regulatory Guide 276 Superannuation forecasts: Calculators and retirement estimates (RG 276) and a new legislative instrument updating the relief which facilitates the provision of superannuation calculators and retirement estimates.Superannuation calculators and retirement estimates are low-cost forecasting tools that are intended to be a helpful prompt for consumers to review their financial situation, and if appropriate, seek further information or financial advice. Entities, such as superannuation trustees, that provide these tools to consumers within the terms of ASIC's relief are exempt from certain regulatory requirements related to providing personal financial advice.ASIC Commissioner Danielle Press said, 'Superannuation calculators and retirement estimates are important tools that can help consumers engage with their superannuation, especially as they approach retirement.'ASIC's guidance will give greater clarity to trustees about how they can use calculators and retirement estimates as part of their strategies under the retirement income covenant, which came into effect on 1 July 2022.'The updated relief will also provide greater flexibility in how trustees can give retirement estimates to their members, including through interactive tools. It introduces a single framework for setting economic and financial assumptions across both retirement estimates and superannuation calculators. We expect trustees that choose to provide these tools to do so in a way that fosters informed decision making by members, without promoting specific financial products,' Ms Press said.The new relief for superannuation calculators and retirement estimates is set out in ASIC (Superannuation Calculators and Retirement Estimates) Instrument 2022/603. This instrument took effect on 1 July 2022.ASIC has
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