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APRA releases final guidance on successor fund transfers and wind-ups for superannuation trustees

Friday 21 July 2017

 

17.24

The Australian Prudential Regulation Authority (APRA) today released final guidance on successor fund transfers and wind-ups for APRA-regulated superannuation trustees (RSE licensees), after a period of consultation with the superannuation industry.1

Prudential Practice Guide SPG 227 Successor Fund Transfers and Wind-ups (SPG 227) provides guidance to RSE licensees that may be considering merging their fund with another fund, or winding-up a fund entirely.

The guide covers the key areas of equivalent rights, including rights under the trust deed, legally enforceable rights, rights as a ‘bundle of rights’ and rights for the individual member/groups of members. It also covers MySuper to MySuper successor fund transfers, and planning for a successor fund transfer, including an RSE licensee’s strategic direction, business plan and due diligence assessment.

APRA Deputy Chairman Helen Rowell said APRA is releasing the guidance on successor fund transfers and wind-ups to assist RSE licensees in planning for their future.

‘There has been considerable consolidation in the superannuation industry which is expected to continue. In such circumstances, SPG 227 provides guidance to RSE licensees, when reviewing their strategic and business plans, and considering the appropriateness of a successor fund transfer involving their registrable superannuation entity.’

APRA’s letter to RSE licensees on the consultation (including a link to SPG 227) is available on the APRA website.

1 A successor fund transfer is a transfer of the members in a superannuation fund to a different fund (successor fund).

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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, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6.5 trillion in assets for Australian depositors, policyholders and superannuation fund members.