Super changes will see more information flow to members
Superannuation funds will be required to disclose more information to members under regulatory changes announced today by the Minister for Superannuation and Corporate Law, Senator Nick Sherry.
Sherry said the regulations, flowing from Corporations Law amendments, would require funds to disclose five and 10-year returns in periodic member statements to help retail investors better understand their superannuation.
He said for the upcoming reporting season for 2008-09, only five-year returns would be required to be disclosed and disclosure could be made either on the periodic statement or in a separate insert that would be sent to members together with the periodic statement.
“The disclosure of long-term super fund returns in member periodic statements will assist super funds to better communicate the fund’s performance over a market cycle, including rising and flat markets to their members,” Sherry said.
He said the measures being implemented by the Government would also require super returns to be disclosed at the investment option or sub-plan level in which the member was invested and require long-term returns to be highlighted, positioned and presented in a manner that would attract the member’s attention.
AUTHOR
Mike Taylor
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