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Target Market Determinations

What is a Target Market Determination (TMD)?

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's 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.

Super Savings TMDs

Super Savings Accumulation account TMD

Super Savings – Corporate and Super Savings – Business Accumulation account TMD

Super Savings - Income account TMD

Super Savings Transition to retirement income account TMD


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, 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.

Information for Distributors

The following information is provided to assist distributors of Australian Retirement Trust products in meeting their obligations under DDO.

Who is a distributor of Australian Retirement Trust products?

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:

  • dealing in an Australian Retirement Trust product;
  • giving a disclosure document in relation to offering an Australian Retirement Trust product;
  • providing a PDS in relation to an Australian Retirement Trust product; and
  • providing financial product advice in relation to an Australian Retirement Trust product.

Employers of an 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.

Distributor obligations

Under DDO, distributors must:

  • take reasonable steps that will, or are reasonably likely to, result in distribution of an Australian Retirement Trust product being consistent with its TMD;
  • comply with distribution conditions specified in the Australian Retirement Trust product’s TMD and any distribution agreement with Australian Retirement Trust;
  • generally not distribute an Australian Retirement Trust product unless a TMD has been made for it, or a TMD is not required for that product, or when the distribution conduct is excluded retail product distribution conduct;
  • report information to Australian Retirement Trust as specified in the Australian Retirement Trust product’s TMD;
  • have robust product governance arrangements in place to help ensure that it complies with DDO; and
  • keep records of distribution information in relation to Australian Retirement Trust products covered by a TMD for up to seven years.

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.

Distributor reporting requirements

Distributors are required to report the following information to Australian Retirement Trust:

  • if the distributor engages in retail product distribution conduct in relation to an Australian Retirement Trust product during a reporting period:
    • the number of complaints the distributor receives during that reporting period in relation to an Australian Retirement Trust product and the substance of those complaints; and
    • any other information (if any) specified in the Australian Retirement Trust product’s TMD acquired by the distributor during the reporting period.

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.

  • any significant dealings in an Australian Retirement Trust product that is inconsistent with an Australian Retirement Trust product’s TMD. If a distributor becomes aware of a significant dealing, it must notify Australian Retirement Trust in writing as soon as practicable, and in any event within 10 business days after becoming aware.

What is a Significant Dealing?

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:

  • A significant proportion of consumers who have acquired the product but are not in the target market, including consumers who have been specifically excluded from the target market.
  • The actual or potential harm and financial loss to consumers that have acquired the product but are not in the target market.
  • The nature and extent of any inconsistency of product distribution with this TMD.
  • A significant amount of superannuation contributions paid, or funds transferred to the product from consumers outside the target market.

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.

How do I report information 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:

  • Reporting entity identifiers and contact details
  • Complainant identifiers
  • How the complaint was received
  • Date complaint received
  • Product identifiers that the complaint relates to
  • Complaint details and status
  • Financial loss incurred/claimed
  • AFCA case identifier (if any)
  • Outcome and resolution details

Significant Dealing reporting data requirements

The following data must be included in the Significant Dealing reports submitted to Australian Retirement Trust:

  • Product identifier
  • Date of significant dealing
  • Consumer/member identifiers
  • Description of dealing
  • Explanation of why dealing is significant
  • Explanation of how dealing was identified
  • Financial impact to consumer/member
  • Steps taken to rectify loss