The Federal Court has dismissed ASIC’s case against superannuation trustee, Retail Employees Superannuation Pty Ltd (Rest), for allegedly making misleading representations about limitations on members’ rights to transfer superannuation funds out of the Retail Employees Superannuation Trust between March 2015 and May 2018.
ASIC Deputy Chair Sarah Court said, ‘Superannuation portability and choice of superannuation fund are important member rights.’
‘ASIC brought this action to clarify the law around those rights and to emphasise the critical responsibility of trustees to provide accurate information to their members. Members rely on and trust information they receive from their superannuation fund.’
ASIC will consider the judgment carefully. ASIC has 28 days to lodge any appeal to the Full Court of the Federal Court, should it decide to do so.
