New Product Disclosure Statement (PDS) Rules

New PDS Rules will apply from 22 June 2012.  These new rules apply to PDSs in respect of self managed superannuation funds as well as industry and retail superannuation funds.  However, the new disclosure rules do not apply to PDS which only deal with pension interests.

The new rules require PDSs to adopt a common format – using prescribed section heading and including the text in a prescribed order as well as being not more than 8 A4 pages in length.

For those who enjoy reading PDSs there is no need to be alarmed.  The multi page PDS will still be with us.  The new rules simply impose a requirement to have an executive summary (which is now called the “PDS”) which will cross reference to other text – either attached to the executive summary or set out on an accessible website.

SUPERCentral’s legal advisers are currently finalising the new PDS which will soon be available.