Superannuation fund trustees involved in merger or successor fund transfer (SFT) discussions can breathe a little easier after a recent decision poured cool water on concerns that certain merger related dealings may have exposed parties to the risk of criminal prosecution.
Read MoreIt was a busy month with the re-introduction of FAR and Compensation Scheme of Last Resort legislation to Parliament after lapsing with the calling of the election earlier this year. New measures relating to downsizer contributions were also introduced, along with the faith-based performance test.
Read MoreAugust was a month filled with updates from the regulators and treasury, which included: The Quality of Advice Review Proposals Paper; APRA Climate Risk Survey Results; ASIC announcement regarding breach (reportable situation) reporting; and much more.
Read MoreAfter a few quieter months post-election, July brought about the resumption of Parliament and the introduction of our first superannuation-related bill for the year. Treasury has been busy with the announcement of a review into the YFYS reforms, consultation on faith-based superannuation product performance tests and Annual Member Meeting changes.
Read MoreThe focus on delivering member outcomes continues to evolve with the release of Discussion paper – Strategic planning and member outcomes: Proposed enhancements by APRA. Consultation is sought on a range of proposed changes to the current Prudential Standard SPS 515 Strategic Planning and Member Outcomes and associated guidance to incorporate the significant suite of reforms that have impacted the industry since SPS 515 was introduced in 2020.
Read MoreCPS 230 – Operational Risk Management . APRA’s strategic initiative to modernise the prudential architecture. APRA has identified specific questions for feedback that will assist it in finalising the requirements. The standard will commence from 1 January 2024. APRA intends to finalise the standard and release draft guidance for consultation in early 2023, and finalise the guidance in the first half of 2023.
Read MoreThe Superannuation Industry (Supervision) Amendment (Your Future, Your Super— Improving Accountability and Member Outcomes) Regulations 2021 prescribe information that must be given to superannuation fund members either directly or referenced within an annual member meeting notice.
Read MoreSuperannuation trustees are increasingly focused on providing members with tools, information, and advice that are intended to assist members in making decisions and planning for their retirement. Online calculators and retirement estimates play an important role in enabling members to access clearer information about how decisions and scenarios earlier in life will affect their retirement income outcomes.
Read MoreWith the start of the new financial year, we see a myriad of superannuation-related changes come into effect as of 1 July 2022. To finish the 2022 financial year, ASIC issued a new legislative instrument covering superannuation calculators and retirement estimates and information sheet on greenwashing, while APRA confirmed it will be releasing a refreshed investment governance prudential standard.
Read MoreAfter a long wait following Treasury's initial proposal paper issued in January 2020, the Financial Accountability Regime (FAR) draft legislation has arrived, and there are a few key items that require consideration by superannuation trustees.
Read MoreOn 17 February 2021, the Government introduced and read a first time Treasury Laws Amendment (Your Future, Your Super) Bill 2021 (Bill). The Bill was then referred to the Senate Economics Legislation Committee with a report due on 22 April 2021.
Read MoreTrustees need to ‘start their engines’ now to make sure they will be compliant with the design and distribution obligations that will come into effect on 6 April 2021. A project plan needs to be developed now that incorporates product and product governance audits. And that’s before the real work begins!
Read MoreIn a letter sent to registerable superannuation entity (RSE) licensees on 10 April 2019, APRA and ASIC reinforced the importance of oversight to ensure fees charged to members are correct and in their best interest. This included a range of issues and ‘approaches for actions’ to address the oversight.
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