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Consultations on strengthening superannuation member outcomes

APRA’s member outcomes reforms are a package of prudential framework measures designed to strengthen RSE licensees’ strategic and business planning practices and assessment of performance, with a focus on enhancing member outcomes.
 
 

Proposed revisions to SPG 516 Business Performance Review (formerly SPG 516 Outcomes Assessment) - Open

August 2019

APRA has substantially revised prudential practice guide SPG 516 Business Performance Review (SPG 516) to better support the final version of the Prudential Standard SPS 515 Strategic Planning and Member Outcomes (SPS 515). Draft guidance has also been included to assist RSE licensees comply with the legislated outcomes assessment introduced by the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No.1) Act 2019.
 
Written submissions will be received until 10 October 2019.
 
 
 

Proposed revisions to Prudential Standard SPS 515 Strategic Planning and Member Outcomes - Closed

August 2019

On 28 August 2019, after a four-week consultation period, we released the finalised SPS 515.
 
APRA's response to the submissions received during this consultation and the finalised SPS 515 are available below. APRA also reviewed and made minor changes to prudential practice guide SPG 515 Strategic and Business Planning (SPG 515), and it has released for consultation the SPG 516.
 
 

April 2019

On April 2019, we released a consultation on the proposed revisions to Prudential Standard SPS 515 Strategic Planning and Member Outcomes (SPS 515) following the passage of the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No.1 Bill 2019)(the Bill).  
 
The revised SPS 515 requires a Business Performance Review (BPR) to be undertaken as part of an RSE licensee’s strategic and business planning process. We propose to maintain the commencement date of SPS 515 as 1 January 2020. 
 
Following consideration of submissions on the proposed revisions to SPS 515, APRA will review SPG 515 and SPG 516 and consider whether guidance on the legislated outcomes assessment would be beneficial. 
 
Written submissions were received until 29 May 2019.
 
The consultation letter, draft prudential standard and non-confidential submissions can be found below:
 

Consultation letter

 

Draft prudential standard

 

Non-confidential submissions

We received nine non-confidential submissions on the proposed revisions to Prudential Standard SPS 515 Strategic Planning and Member Outcomes:
 
 

Proposed changes to strengthen superannuation member outcomes - Closed

December 2018

On December 2018, after an extensive consultation on the changes proposed in the discussion paper: Strengthening superannuation member outcomes, we finalised and published a response paper together with the prudential standards and the prudential guidance.
 
We conducted consultation from December 2017 until March 2018. 
 

Response paper

 

Prudential standards

 

Prudential practice guides 

 

Supporting material

 

December 2017

On December 2017, APRA released a Discussion Paper Strengthening superannuation member outcomes with proposed changes to its prudential requirements to assist registrable superannuation entity (RSE) licensees (RSE licensees) to be better positioned to deliver sound outcomes for fund members.
 
The proposals were intended to strengthen the key requirements and expectations applying to RSE licensees in important strategic and operational areas, and are expected to facilitate RSE licensees being able to demonstrate that they meet their obligations under the Superannuation Industry (Supervision) Act 1993 (SIS Act).
 
The discussion paper, draft prudential standards, draft prudential practice guides and non-confidential submissions can be found below:
 

Discussion paper

 

Draft prudential standards

 

Draft prudential practice guides 

 

Non-confidential submissions

We received fifteen non-confidential submissions on the proposed revisions to Prudential Standard SPS 515 Strategic Planning and Member Outcomes:

 

Initial consultation on proposed changes to strengthen operational governance of RSE licensees - Closed

August 2017

On August 2017, we released a consultation letter to all RSE licensees outlining the key components of the proposed changes to the superannuation prudential framework to strengthen operational governance practices of RSE licensees, reflecting evolving industry better practice and public expectations for the prudent and efficient operation of funds.  
 
We conducted industry consultation on the proposed changes from August until September 2017. 
 
The consultation letter and non-confidential submissions can be found below:
 

Consultation letter 

Non-confidential submissions

We received six non-confidential submissions on the proposed changes to strengthen operational governance of RSE licensees:
 

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 a respondent would like only part of their submission to be confidential, they should provide this information marked as 'confidential' in a separate attachment.