APRA releases final technical determination and updated information paper on combining MySuper product performance histories
The Australian Prudential Regulation Authority (APRA) has released its final technical determination and updated information paper on combining MySuper product performance histories, following APRA's consultation in April 2023 on the technical determination.
The final determination released today - Superannuation Technical Determination No. 1 of 2023 actual and benchmark return formulae modifications - removes the need for APRA to make individual determinations for every MySuper product for which performance histories are required to be combined.
Alongside the response to consultation, APRA has published an updated information paper outlining APRA’s methodology for combining performance histories of MySuper products to reflect the introduction of the technical determination.
The response letter, information paper and final technical determination are available on the APRA website at: Proposed technical determination for combining MySuper product performance histories.
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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.