ASIC resets default super calculator wage inflation to 3.7%
The Australian Securities and Investments Commission (ASIC) has trimmed the default rate of nominal wage inflation required to be used within superannuation calculators to just 3.7%, down from 4%.
The regulator announced that the new default rate would apply from 1 January, next year.
It said the rate had been altered to align with the revised long-term wage growth forecast in the 2023 intergenerational report and that feedback from industry participants had supported the move.
ASIC said all the submissions received on response to its consultation had supported the change.
It said that one submission had recommended extending the transition period beyond 31 December, 2024 but that ASIC considered the existing transitional arrangements provided adequate time for providers of superannuation calculators and retirement estimates to implement the change.
The PHD in economics is the scariest. How many academics actually understand the real world
Money is leaving at a slower rate with this being considered by AMP management as a positive. Australia's Money Pit…
"Our recently launched digital advice solution for AMP Super members is providing simple, intuitive retirement advice at no extra cost.”…
Assistant to Bill Shorten...FoFA, A time when dozens of submissions were made, 90 odd submissions ranging from clients be sent…
Only way to get that 1.25 times back will be to move clients from Brighter Super into their SMA on…