Stronger Super implementation a post-election issue
The Australian Prudential Regulation Authority (APRA) has confirmed the degree to which key elements of the Government's Stronger Super regime will not come into play until many months after the 14 September Federal Election.
The regulator yesterday issued a letter to all superannuation fund licensees outlining the final reporting requirements for superannuation under the new Stronger Super regime, but confirmed that on a number of fronts the changes would not be coming into effect until next year.
It said this would be the case with respect to the product dashboard requirements for choice products and with respect to the submission of some data by superannuation funds.
In a media release announcing the distribution of the APRA letter, the regulator said it covered off the final versions of 32 reporting standards, reporting forms and instructions for APRA-regulated superannuation funds.
The release said the reporting requirements implemented the transparency and accountability recommendations from the Government's Stronger Super reforms, and the superannuation reporting proposals on which APRA had previously consulted in 2009.
"The new requirements also support the implementation of prudential standards, MySuper products and SuperStream," it said. "These revisions will be the first changes to the reporting requirements for superannuation since 2004."
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