Embed intra-fund transfer relief say industry funds

Mike Taylor

Managing Editor/Publisher, Financial Newswire

23 February 2026

Industry superannuation funds want the Government to legislate to embed their ability to make intra-fund investment transfers rather than having them rely on regulatory relief from the Australian Securities and Investments Commission (ASIC).

The Super Members Council has backed ASIC extending regulatory relief around intra-fund transfers for a further five years, but is urging a more permanent approach.

In a submission responding to ASIC’s proposal to extend existing relief until 1 April, 2031, the SMC describes intra-fund transfers as common operational events with members frequently switching between investment options.

“SMC supports the proposed minor technical amendments to simplify the instrument, as these changes will make the relief easier for trustees and their advisers to apply in practice<” it said.

“While SMC supports the proposed extension of the relief to 1 April 2031 as an interim, stability‑promoting measure, we consider that the period to 2031 should be used to develop a more permanent solution.

“In the longer term, the subject matter of this relief would be more appropriately addressed through amendments to primary legislation or regulations, rather than by ongoing reliance on time‑limited legislative instruments,” the SMC said.

The submission notes that ASIC has described the relief as “a necessary part of the legislative framework”.

It said this description by ASIC “indicates that it operates as a structural adjustment to the way Part 7.9 of the Corporations Act 2001 applies to intra-fund transfer, rather than as a temporary or exceptional measure”.

The SMC then points to work currently underway within Treasury on regulatory simplification including an emphasis on reducing complexity and long-term reliance on class-order style relief.

“SMC recommends ASIC and Treasury work together so that, ahead of the 2031 sunset date, the substance of the current and proposed intra‑fund transfer relief is assessed for incorporation into the Corporations Act (or regulations) as part of Treasury’s simplification work,” the submission said.