01
April
2020
|
12:15
Australia/Sydney

Letter to superannuation trustees about COVID-19 obligations

Summary

ASIC and APRA have written to all registrable superannuation entity (RSE) licensees reminding trustees of their obligations during COVID-19.

The unusual and challenging circumstances associated with COVID-19 require trustees to make new business arrangements, amend priorities and adjust their short-term investment strategies. What does not change is the duty to comply with the law, including the duty to act in the best interests of their members.

At a time of uncertainty, this is essential to maintaining public confidence that superannuation remains a safe, fair and sound long-term investment towards retirement. Download the joint letter to RSE entities.

To help trustees understand their new and ongoing responsibilities during this period of disruption, ASIC and APRA have published superannuation FAQs on each agency’s website. These FAQs will be updated periodically over the coming weeks and months and we encourage trustees to check the page regularly:

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ASIC is Australia’s corporate, markets and financial services regulator.