The Australian Prudential Regulation Authority (APRA) today released a discussion paper and two draft prudential practice guides for superannuation trustees in the areas of contribution and benefit accrual standards, and payment standards.
The draft guides do not introduce any new requirements. They update APRA’s existing guidance, issued in 2006, to reflect legislative changes introduced since then, and adopt the prudential practice guide format that APRA uses for other supervised industries.
APRA is seeking feedback on the two draft guides and intends to finalise them by December 2011. The two guides are:
- Superannuation Prudential Practice Guide Draft SPG 270 – Contribution and benefit accrual standards for regulated superannuation funds; and
- Superannuation Prudential Practice Guide Draft SPG 280 – Payment standards for regulated superannuation funds and approved deposit funds.
Feedback on the draft guides is due by 31 October 2011 and should be sent via e-mail to firstname.lastname@example.org
APRA’s discussion paper and the two draft guides are available on APRA's website.