APRA moves on MySuper ahead of legislation
The Australian Prudential Regulation Authority (APRA) has taken the unusual step of releasing some of the regulatory detail around MySuper before the Parliament has even passed the Government's Stronger Super package.
Amid claims by some superannuation fund organisations that funds will struggle to be ready in time to meet the Government's Stronger Super deadline, APRA deputy chairman Ross Jones acknowledged the regulator was acting to create as much certainty as possible.
"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," he said.
The authorisation process for registrable superannuation entities is expected to start from 1 July, next year.
With the Stronger Super legislation still to make its way through the Parliament, the Association of Superannuation Funds of Australia (ASFA) has been amongst those organisations suggesting funds will struggle to be ready in time.
An ASFA submission filed in late June warned that the time-frames being imposed on the industry were problematic and that some flexibility might be required.
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While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
