The Australian Prudential Regulation Authority (APRA) today issued a circular explaining its interpretation of the requirements of the Superannuation Industry (Supervision) Act 1993 (SIS Act) for winding up a superannuation fund.

Superannuation Circular No. III.A.6 "Winding up a superannuation fund" is directed to trustees of APRA regulated funds and was developed after extensive consultation with industry and government agencies.

The circular summarises legislative requirements and provides a guide that could be used as an approximate wind-up timeline.

A superannuation fund may be wound up, or terminated, for a number of reasons including:

• wind up or liquidation of the principal sponsoring employer;
• takeover or amalgamation of the employer sponsor where superannuation is part of the consolidation process;
• rationalisation into a single arrangement of various superannuation arrangements covering a number of different groups of employees; or
• a decision by the employer sponsor to replace existing arrangements for employees with a new arrangement.

APRA superannuation circulars are generally addressed to trustees and industry participants and explain APRA's interpretation of the legislation.

APRA superannuation circulars can be found in the Superannuation section of the APRA website at www.apra.gov.au. For further information or for a copy of the Superannuation Circular No. III.A.6 contact the APRA Call Centre on 1300 131 060.

For further information:	Media Enquiries only:
APRA Call Centre	David Van
1300 131 060	APRA - Public Affairs
	02 9210 3143
	0418 649 474