APRA on Thur 3.4.2012, released the following information on its proposed arrangements for the authorisation of MySuper products:
- ;Discussion Paper – MySuper authorisation and transition standard
- Application Form – authority to offer a MySuper product;
- Instruction Guide – application form – Authority to offer a MySuper product;
- Draft Prudential Standard SPS 410 – MySuper transition.
The MySuper authorisation process will commence from 1 January 2013. A registrable superannuation entity (RSE) licensee intending to offer a MySuper product will need to be authorised by APRA to offer MySuper products from 1 July 2013, and most employers will be required to make default contributions to an RSE offering a MySuper product from 1 October 2013.
APRA’s draft application form requests details to determine whether the RSE licensee is likely to comply with the enhanced trustee obligations and fees rules applying to MySuper products. APRA called on RSE licensees to use the draft application form and instructions in discussions with their Board on their plans to offer a MySuper product, and to open discussions with APRA supervisors as soon as possible.
The draft MySuper authorisation package builds on the draft prudential standards released on 27 April 2012.
Submissions are due by 29 June 2012. APRA intends to release the final application form and SPS 410 in September 2012.
Source: APRA media release No 12.14, 3 May 2012
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