- Class Order [CO 13/1275] defers the application of the new disclosure requirements under section 29QB of theSuperannuation Industry (Supervision) Act 1993 from 31 October 2013 until 1 July 2014.
These disclosure obligations were originally proposed to commence on 1 July 2013 but were deferred by ASIC Class Order [CO 13/830] to 31 October 2013. The Explanatory Statement to Class Order 13/1275 states that 'it has since become clear that the superannuation industry needs further time to consider these reforms'.
The Class Order relates to regulations 2.37 and 2.38 of the Superannuation Industry (Supervision) Regulations 1994, made under section 29QB of the Superannuation Industry (Supervision) Act 1993. These provisions require an RSE licensee to make publicly available and to keep up to date on the RSE's website:
- details of remuneration of executive officers and individual trustees (regulation 2.37); and
- prescribed information relating to the relevant superannuation fund, such as trust deeds and summaries of significant event notices (regulation 2.38).
The Stronger Super reforms have improved Australia's index value in the Melbourne Mercer Global Pension Index 2013, according to Mercer and the Australian Centre for Financial Studies. The Index provides a comparison of the retirement income systems for 20 countries based on their adequacy, sustainability and integrity.
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