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APRA releases proposed final MySuper and eligible rollover fund authorisation requirements

Wednesday 3 October 2012

 

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.

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.

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.