From 5 October 2021, the Design and Distribution Obligations (DDO) specified in Part 7.8A of the Corporations Act 2001 (Cth) came into effect for all issuers and distributors of financial products that are covered by DDO. DDO requires issuers and distributors of financial products to have a consumer-centric approach to the design and distribution of their products, with the aim of helping consumers to obtain financial products that are appropriate for their likely objectives, financial situation and needs.
A Target Market Determination (TMD) seeks to provide consumers, Australian Retirement Trust staff and distributors with an understanding of the class of consumers for which certain Australian Retirement Trust products have been designed (the target market), having regard to their likely objectives, financial situation and needs. The TMDs are not a full summary of the product's terms and conditions and are not intended to provide financial advice. Consumers must refer to the Product Disclosure Statement (PDS) and any supplementary documents when making a decision about Australian Retirement Trust's products, and to seek financial advice if appropriate.
See all our QSuper TMDs here.
The effective date of the above TMDs is specified in the document. Historical versions of our TMDs can be obtained by emailing a request to DDO_Reporting@australianretirementtrust.com.au
Australian Retirement Trust is not required to publish a TMD for its MySuper products, Defined Benefit accounts, Super Savings – Corporate Lifetime Pension accounts or products issued by Precision Administration Services Pty Ltd (PAS), wholly owned by Australian Retirement Trust Superannuation Fund. PAS products include the Australian Retirement Trust Clearing House and Beam.
The following information is provided to assist distributors of Australian Retirement Trust products in meeting their obligations under DDO.
A distributor is any person that engages in 'retail product distribution conduct' in relation to an Australian Retirement Trust product that is subject to one of the above Target Market Determinations. 'Retail product distribution conduct' includes:
Employers of Australian Retirement Trust account holders are exempt from the above definition if they engage in retail product distribution conduct solely to comply with their obligations to the employee under the Superannuation Guarantee (Administration) Act 1992 (Cth). Any other conduct is captured, and the employer will be subject to DDO. Please contact your Australian Retirement Trust representative for more information.
Under DDO, distributors must:
Financial advisers are not required to take reasonable steps that will, or are reasonably likely to, result in distribution of an Australian Retirement Trust product being consistent with its TMD when providing personal financial product advice to a consumer, however ASIC expects that financial advisers will consider the above TMDs in providing advice and meeting their best interests duty. Financial advisers also remain obligated to report information specified in the above TMDs.
Distributors are required to report the following information to Australian Retirement Trust:
The reporting period is specified in the Australian Retirement Trust product TMDs and distributors must provide their report within 10 business days after the end of the relevant reporting period.
A significant dealing is distribution of a product that is inconsistent with its TMD. Whether or not a dealing is significant will depend on a variety of circumstances, including:
Each distributor will need to make an individual assessment in the circumstances of each case to determine when a dealing (or dealings) inconsistent with the TMD is significant and needs to be reported to Australian Retirement Trust.
For financial advisers, go to Adviser Online if you're needing to report complaints or significant dealings related to our Super Savings product offering. If you are not registered for Adviser Online, you can do so by clicking here. If you are a financial adviser and don't want access to Adviser Online, then call us on 13 11 84 for assistance.
Distributors that are not financial advisers should contact Australian Retirement Trust's Product team via email to DDO_Reporting@australianretirementtrust.com.au or call us on 13 11 84 for assistance.
Complaints reporting data requirements
The following data must be included in the Complaints reports submitted to Australian Retirement Trust:
Significant dealing reporting data requirements
The following data must be included in the significant dealing reports submitted to Australian Retirement Trust: