APRA releases update on combining product performance histories for the performance test
The Australian Prudential Regulation Authority (APRA) has issued two releases on combining product performance histories for the Superannuation Performance Test.
The first is a draft, for consultation, of a technical determination that would remove the need for APRA to make individual determinations for lifecycle MySuper products for which performance histories are required to be combined.
The consultation will be open from 20 April until 11 May 2023. Further information on the consultation is available on the APRA website at: Proposed technical determination for combining MySuper product performance histories.
The second release is an information paper outlining APRA’s methodology for combining performance histories of trustee-directed products for this year’s performance test.
The information paper is available at: Information paper - Combining trustee-directed product performance histories – APRA’s approach.
Please see Your Future, Your Super legislation and supporting material for further details and supporting materials.
APRA has also updated the Frequently Asked Questions (FAQ) for this technical matter and written to the individual trustees of products impacted by the approach outlined in the paper. Please refer to the FAQs on the APRA website for more information 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.