APRA releases findings of the review of amendments to the Superannuation Guarantee (Administration) Act 1992
The Australian Prudential Regulation Authority (APRA) has released findings from a review of the amendments to the Superannuation Guarantee (Administration) Act 1992 (SGAA), introduced by the Treasury Laws Amendment (Your Superannuation, Your Choice) Act 2020 (YSYC Act).
Following the requirement of the YSYC Act to review the operation of the amendments to the SGAA, APRA has produced a report on the unintended consequences of these amendments for defined benefit (DB) schemes, including the ongoing viability and profitability of these schemes.
This report was also tabled in both houses of the Parliament on Tuesday, 9 May 2023 as per the requirements of the YSYC Act.
The report and non-confidential submissions that assisted informing the review are available on the APRA website at: Review of amendments to the Superannuation Guarantee (Administration) Act 1992.
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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.