APRA publishes new set of FAQs on the Your Future, Your Super package
The Australian Prudential Regulation Authority (APRA) has issued a new set of frequently asked questions (FAQs) to provide further guidance on the administration of the Government’s Your Future, Your Super performance test.
The new FAQs released today will provide:
- deadlines for the submission of data used in the performance test;
- expectations of RSE licensees who may fail the test for a second consecutive year; and
- APRA’s approach to combining performance history for MySuper products that have been authorised under a material goodwill authorisation.
The FAQs are available on the APRA website at: Your Future, Your Super Frequently Asked Questions.
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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.