ASIC Instrument 2022/603 enables superannuation trustees to issue benefit projections on member statements. It updates the previous ASIC Guidance Class Order 11/1227.
Instrument 2022/603 provides a method for estimating a member’s projected balance at retirement, and the income that this would provide in retirement. It also allows the trustee to provide an estimate of the age pension to which a member may be entitled at the time of retirement.
This paper looks at the approach to estimating superannuation benefits under Instrument 2022/603. It explores the data requirements, assumptions and methodology. It discusses groups of members who may be excluded from receiving a projection in the interest of only providing reasonable benefit estimates.
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