Superannuation Alert - 22.11.12
Financial Services eBulletin - 22 November 2012
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry and is in addition to our Superannuation Update, which analyses the main developments of interest in more detail.
- On 1 November 2012, APRA released the working paper Superannuation and insurance: Related parties and member cost. The paper compares the premiums paid by the members of 52 retail sector funds to the benefits received, looking in particular at the 'relatedness' of the trustee and insurance provider.
- On 14 November 2012, ASIC released the Competency standards for auditors of self-managed superannuation funds Consultation Paper 192.
- On 15 November 2012, the ATO released a warning that, under the Tax Laws Amendment (2012 Measures No 2) Act 2012, directors can now be held personally liable for their company's unpaid super guarantee charge.
- On 15 November 2012, APRA released its Response to Submissions - Prudential standards for superannuation along with 11 final or proposed final prudential standards for the superannuation industry. According to the accompanying media release, the 'submissions highlighted the need for guidance on the implementation of the standards, and APRA expects to release a suite of prudential practice guides for consultation in late 2012 and early 2013'. The 11 prudential standards released are:
- Prudential Standard SPS 114 Operational Risk Financial Requirement
- Prudential Standard SPS 160 Defined Benefit Matters
- Prudential Standard SPS 220 Risk Management
- Prudential Standard SPS 231 Outsourcing
- Prudential Standard SPS 232 Business Continuity Management
- Prudential Standard SPS 250 Insurance in Superannuation
- Prudential Standard SPS 310 Audit and Related Matters
- Prudential Standard SPS 510 Governance
- Prudential Standard SPS 521 Conflicts of Interest
- Prudential Standard SPS 530 Investment Governance
- Prudential Standard SPS 520 Fit and Proper
All information on this site is of a general nature only and is not intended to be relied upon as, nor to be a substitute for, specific legal professional advice. No responsibility for the loss occasioned to any person acting on or refraining from action as a result of any material published can be accepted.