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APRA releases new draft superannuation prudential practice guides

Wednesday 31 August 2011

 

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 contribution.payment.standards@apra.gov.au

APRA’s discussion paper and the two draft guides are available on APRA's website.

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 trillion in assets for Australian depositors, policyholders and superannuation fund members.