Four main regulatory bodies keep watch over superannuation funds to ensure they comply with legislation:

  • Australian Prudential Regulation Authority (APRA) is responsible for ensuring that superannuation funds behave in a prudent manner
  • Australian Securities and Investments Commission (ASIC) ensures that the trustees of superannuation funds comply with their obligations regarding the provision of information to members during membership
  • Australian Taxation Office (ATO) ensures that self-managed superannuation funds adhere to the rules and regulations and makes sure that the right amount of tax is taken from superannuation savings of all Australians
  • Superannuation Complaints Tribunal (SCT) administers the Superannuation (resolution of Complaints) Act. This act provides for the formal process of the resolution of complaints and only deals with complaints when no satisfactory resolution has been reached.

Insurance cover under a Superannuation fund

Most Super funds offer different types of insurance for their members. This can include income protection/salary continuance, total and temporary disablement and total and permanent disablement. Insurance is not compulsory and you should make an informed decision as to whether you require insurance and how much. If you do not make a choice your superannuation provider will set up a default insurance choice and payments will automatically deduct from your superannuation balance. Always check that you have the right insurances to meet your needs.

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