The Australian Prudential Regulation Authority (APRA) today released a response letter and two prudential practice guides for superannuation trustees in the areas of contribution and benefit accrual standards, and payment standards.
The two prudential practice guides are:
- Prudential Practice Guide SPG 270 – Contribution and benefit accrual standards for regulated superannuation funds; and
- Prudential Practice Guide SPG 280 – Payment standards for regulated superannuation funds and approved deposit funds.
The prudential practice guides were previously released in draft version in August 2011 and have been revised following industry feedback. The response letter outlines the nature of the feedback received and APRA’s response to that feedback.
The prudential practice guides do not introduce any new requirements for trustees. They update APRA’s existing guidance, issued as Superannuation Circulars in 2006, to reflect legislative changes introduced since then and to adopt the prudential practice guide format that APRA uses for other supervised industries.
The prudential practice guides released today are final and are effective immediately.
APRA’s response letter is available on the APRA website at:
The two prudential practice guides are available on the APRA website at:
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. APRA is funded largely by the industries that it supervises. It was established on 1 July 1998. APRA currently supervises institutions holding $4 trillion in assets for almost 23 million Australian depositors, policyholders and superannuation fund members.
Media and industry enquiries only:
Media and Communications Manager
Australian Prudential Regulation Authority
Telephone: 02 9210 3143
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APRAinfo 1300 558 849