Changes to super reporting
ASIC announced important changes to superannuation reporting, bringing the annual reporting obligations of super funds in line with that of companies, while ensuring that super fund members get more meaningful information about their super.
Funds will now be able to put their annual reports on a website as a default (consistent with companies), but only where they give each super fund member information about longer-term returns in their personal member benefit statement.
ASIC says this reflects the need for people to appreciate the long term nature of super investments.
If fund members focus only on short term returns, rather than on returns over time, they risk switching investment options or funds to their long term detriment.
A consumer leaflet, Longterm performance figures for typical super fund investment options, details the changes .
Visit:
www.fido.gov.au
