CS 7 Proposed update to superannuation forecasts relief instrument
Released 5 July 2024. Comments close 2 August 2024.
ob体育 proposes to update the rate of nominal wage inflation in , and Regulatory Guide 276 Superannuation forecasts: Calculators and retirement estimates (RG 276) in view of Treasury鈥檚 revised long-term wage growth forecasts.听听
ob体育 proposes a period of transition to 31 December 2024, recognising that providers delivering superannuation forecasts to consumers in the 2024 calendar year may need time to make updates. Up to 31 December 2024, providers can adopt either the existing default nominal wage inflation rate (4% p.a.) or the revised rate (3.7% p.a.) when converting future dollars to today鈥檚 dollars if a provider is relying on the ob体育 relief.
From 1 January 2025 the revised default nominal wage inflation rate of 3.7% p.a. will apply. 听
During the transition period, ob体育 will update the retirement and superannuation calculators featured on its website, including to reflect the nominal wage growth rate of 3.7% p.a.听
Industry is invited to provide feedback on ob体育鈥檚 proposal to update the default wage inflation assumption in and RG 276, and on the transitional arrangements.
A consultation paper was not issued for this consultation.
Providing feedback
Submissions on the proposal are due by 12pm (AEST) on 2 August 2024 to鈥�[email protected].
Related links
- ob体育 proposes update to superannuation forecasts relief instrument (news item)
- ob体育 updates superannuation forecasts relief instrument (news item)
- Regulatory Guide 276 Superannuation forecasts: Calculators and retirement estimates (RG 276)
听