Superannuation Alert 16.02.16
Financial Services eBulletin - 16 February 2016
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 8 February 2016, the Australian Prudential Regulation Authority (confidentiality) determination No. 1 of 2016 (28 January 2016) was registered on the Federal Register of Legislative Amendments. This determination specifies the parts of a reporting document provided by superannuation entities under reporting standards SRS 540.0 and SRS 710.0 that do not contain confidential information.
- On 10 February 2016, APRA released its first tranche of annual superannuation statistics in the Annual Superannuation Bulletin, the Annual Fund-level Superannuation Statistics report and the Annual MySuper Statistics report. These published statistics provide information on performance, fees and member demographics at an industry-level, fund-level and MySuper product level. These publications are also expected to provide assistance in assessing whether the superannuation industry is achieving its policy objectives.
- On 11 February 2016, APRA published Wayne Byres' (APRA Chairman) opening statement to the Senate Economics Legislation Committee, which discusses APRA's agenda for 2016. In relation to superannuation, APRA’s focus for 2016 will be on "assessing the adequacy of implementation of APRA’s prudential requirements by superannuation entities, with a particular emphasis on how well boards and management are addressing key strategic, governance and operational areas whilst also ensuring they meet members’ best interest obligations." This will be done through supervision at the level of individual trustees and funds, as well as reviews across the industry.
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.