APRA releases two new superannuation prudential practice guides
The Australian Prudential Regulation Authority (APRA) today released a response letter and two prudential practice guides for superannuation trustees in the areas of contribution and benefit accrual standards, and payment standards.
The two prudential practice guides are:
- Prudential Practice Guide SPG 270 – Contribution and benefit accrual standards for regulated superannuation funds; and
- Prudential Practice Guide SPG 280 – Payment standards for regulated superannuation funds and approved deposit funds.
The prudential practice guides were previously released in draft version in August 2011 and have been revised following industry feedback. The response letter outlines the nature of the feedback received and APRA’s response to that feedback.
The prudential practice guides do not introduce any new requirements for trustees. They update APRA’s existing guidance, issued as Superannuation Circulars in 2006, to reflect legislative changes introduced since then and to adopt the prudential practice guide format that APRA uses for other supervised industries.
The prudential practice guides released today are final and are effective immediately.
APRA’s response letter and two prudential practice guides are available on the APRA website.
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.