Strengthening Financial Resilience in Superannuation
This page contains information regarding APRA's consultation on the superannuation industry's approaches and plans to maintain the financial strength needed to operate their businesses effectively and protect their members' best financial interests.
On 14 November 2022, in response to significant industry evolution, supervisory insights and industry feedback, APRA released a discussion paper that proposes to replace the
existing Prudential Standard SPS 114 Operational Risk Financial Requirement (SPS 114) with enhanced obligations for trustees.
Written submissions on the proposals set out in this discussion paper should be sent by 17 March 2023.
The discussion paper and industry feedback can be found below:
Non-confidential submissions - November 2021 consultation
On 19 November 2021, APRA released a discussion paper seeking feedback from superannuation trustees and other industry stakeholders on the current and emerging approaches for RSE licensees to maintain the financial resilience needed to protect members’ best financial interests.
In particular, APRA is seeking to gain further insights on sources of funding for RSE licensees, the use of the operational risk financial requirement (ORFR), reserving practices, protections afforded to trustees via insurance, provisioning for contingency expenditure items, and how these might need to adapt over time.
Submissions to this discussion paper are requested to be provided no later than 11 March 2022. Written submissions from RSE licensees are requested to be submitted as an ad hoc return through APRA Connect, the data collection solution for reporting entities to lodge information and data with APRA. Comprehensive instructions for submitting an ad hoc return are contained in the APRA Connect Guide under section 6.11.
The discussion paper can be found below:
Note on submissions
It is APRA's policy to publish all submissions on the APRA website unless the respondent specifically tells APRA in writing that all or part of the submission is to remain confidential. An automatically generated confidentiality statement in an email does not satisfy this purpose. If you would like only part of your submission to be confidential, you should provide this information marked as 'confidential' in a separate attachment.