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APRA releases second set of final prudential practice guides (PPGs) for superannuation

Thursday 7 November 2013

The Australian Prudential Regulation Authority (APRA) has today released eight final prudential practice guides (PPGs) for the superannuation industry together with a response paper, Second set of prudential practice guides for superannuation.

PPGs provide guidance on APRA’s view of sound practice in particular areas that may assist a registrable superannuation entity (RSE) licensee in meeting the requirements in APRA’s prudential standards. APRA is releasing this second set of eight PPGs as part of its ongoing work to support the implementation of prudential standards for superannuation and update a broad range of existing superannuation guidance material. The PPGs cover defined benefit matters, contributions and payments, investment risk management and remuneration.

APRA consulted in May 2013 on draft versions of the PPGs it has released today. The response paper outlines the key issues raised in the seven submissions received and how they have been addressed in the final PPGs, where appropriate. The eight superannuation PPGs are:

New 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 530 Investment Governance
  • Prudential Practice Guide SPG 531 Valuation

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

A final remaining PPG, Prudential Practice Guide SPG 310 Audit and Related Matters, will be released before the end of 2013.

APRA Member Helen Rowell said ‘The new superannuation prudential framework, including these PPGs, has been developed in close consultation with the superannuation industry and other interested stakeholders over the last few years. APRA recognises the significant effort that the industry has, and continues to, put into the development and implementation of APRA’s prudential standards.’

Mrs Rowell added: ‘While industry is now well into the implementation phase of most of the superannuation reforms, APRA is cognisant that there remains lots of work for the industry to do. APRA’s focus in the months ahead will be on engaging with the industry to ensure that the prudential framework is being fully and effectively implemented.’

The PPGs can be found 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.