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APRA releases second set of draft prudential practice guides for superannuation and updates to two cross-industry prudential practice guides

Thursday 9 May 2013


The Australian Prudential Regulation Authority (APRA) has today released for consultation eight draft prudential practice guides (PPGs) for the superannuation industry and updates to two cross-industry PPGs

These PPGs include practical guidance on matters that a registrable superannuation entity (RSE) licensee may consider to assist it in meeting the requirements in APRA’s prudential standards.

Last December, APRA released a Discussion Paper, Prudential guidance for superannuation, and 10 draft superannuation PPGs. The release of this second set of PPGs completes APRA’s review of superannuation-related guidance material to support the implementation of the new prudential framework for superannuation.

APRA consulted extensively during the development of the prudential standards for superannuation, the MySuper authorisation process and the first set of PPGs. The scope and content of its draft PPGs for superannuation take into account the comments received on guidance-related matters during consultation.

APRA Deputy Chairman Ross Jones said that with the release of a second set of draft PPGs, APRA’s establishment of the prudential framework under the Stronger Super reforms is nearing completion.

‘This guidance sets out APRA’s views of sound practice in particular areas and, together with the draft PPGs released in December, provides RSE licensees with guidance covering a large range of prudential matters that will assist them meet the requirements of the new framework,’ Mr Jones said.

The draft PPGs released today includes five new PPGs and updates to three existing superannuation PPGs. The draft PPGs are:

Proposed new superannuation PPGs:

  • Prudential Practice Guide SPG 160 Defined Benefit Matters
  • Prudential Practice Guide SPG 222 Management of Reserves
  • Prudential Practice Guide SPG 511 Remuneration
  • Prudential Practice Guide SPG 532 Investment Risk Management
  • Prudential Practice Guide SPG 533 Valuation

Draft updates to existing superannuation PPGs:

  • Prudential Practice Guide SPG 221 Adequacy of Resources
  • Prudential Practice Guide SPG 270 Contribution and Benefit Accrual Standards
  • Prudential Practice Guide SPG 280 Payment Standards

APRA seeks comments and suggestions from interested parties on the draft PPGs. Written submissions should be forwarded to by 4 July 2013.

The draft PPGs can be found on the APRA website.

APRA has also today released revised versions of two existing cross-industry PPGs that now incorporate relevant references to the new superannuation framework. The content of these PPGs is otherwise unchanged. The two PPGs are:

  • Prudential Practice Guide CPG 233 Pandemic Planning
  • Prudential Practice Guide CPG 234 Management of Security Risk in Information and Information Technology

The PPGs 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.