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ASIC warns employers and super funds about influencing employees’ choice of super fund

ASIC recently updated Information Sheet 89, Communicating with employees about superannuation fund choice: what you can and cannot do, which sets out how employers should communicate to their employees about superannuation choices without breaking the law.

The Information Sheet advises:

What you can do What you should not do
  • You can give factual information to employees, including documents relating to superannuation
  • You can refer employees to information on Government websites, such as the YourSuper comparison tool and Moneysmart resources
  • You can ask a superannuation fund provider to present to your employees
  • You can refer employees to a licensed financial adviser
  • You should not give financial product advice or mislead employees about superannuation products
  • You should not direct, recommend or influence your employees to choose a particular superannuation fund
  • You should not make an unsolicited offer to employees, or ask them to apply for a superannuation product during real-time contact (such as a meeting) – in other words, you should not hawk products

For more information, please see the ASIC website.