APRA publishes new frequently asked questions on the temporary early release of superannuation benefits in response to COVID-19
The Australian Prudential Regulation Authority (APRA) has published two new frequently asked questions (FAQs) setting out its expectations for superannuation trustees on the release of benefits under the COVID-19 temporary early access to superannuation provision.
The new FAQs, which have been added to the FAQ document that APRA published on 1 April, outline expected processing times and fraud checking in dealing with payments to superannuation members significantly financially impacted by COVID-19.
These FAQs are available on the APRA website at: Frequently Asked Questions - Superannuation trustees' response to COVID-19.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.