The Australian Prudential Regulation Authority (APRA) has today released its proposed final application form and instructions for the authorisation of MySuper products and a prudential standard on transition to MySuper.
The MySuper package also includes APRA’s response to submissions received on the draft prudential standard, application form and instructions that were released earlier this year.
The proposed final Prudential Standard SPS 410 MySuper Transition sets out requirements for the movement of accrued default amounts into a suitable MySuper product before 1 July 2017.
APRA Deputy Chairman Ross Jones said that although the legislation is yet to be finalised, APRA is releasing the proposed final MySuper package to give industry as much certainty as possible about the process for the authorisation of MySuper products.
The authorisation process for registerable superannuation entities (RSE) licensees wishing to offer MySuper products is expected to commence from 1 January 2013. Once authorised, RSE licensees can offer these products from 1 July 2013 onwards.
The proposed MySuper authorisation package can be found on the APRA website at: www.apra.gov.au/Super/Pages/MySuper-Authorisation-and-Transition-October-2012.aspx
APRA is also releasing the proposed final application form and instructions for authorisation to offer an eligible rollover fund (ERF). The authorisation process for RSE licensees to offer an eligible rollover fund is expected to commence from 1 January 2013.
The proposed ERF authorisation package can be found 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:
Senior Communications Advisor
Australian Prudential Regulation Authority
Telephone: 02 9210 3052
Mobile: 0418 203 570
All other enquiries:
APRAinfo 1300 558 849