APRA has released its final MySuper authorisation and transition package for the Government’s proposed low-cost default superannuation product, including:
- ;Response to submissions – MySuper authorisation and transition standard
- Application form – authority to offer a MySuper product – generic MySuper product;
- Application form – authority to offer a MySuper product – large employer provision and material goodwill provision;
- Instruction guide – application form – authority to offer a MySuper product;
- Prudential Standard SPS 410 (MySuper Transition).
The MySuper authorisation process for registerable superannuation entities (RSE) licensees wishing to offer MySuper products is expected to commence from 1 January 2013. Once authorised, RSE licensees can offer these products from 1 July 2013 onwards. The proposed final APRA Prudential Standard SPS 410 (MySuper Transition) sets out requirements for the movement of existing “accrued default amounts” into a suitable MySuper product before 1 July 2017.
APRA Deputy Chairman Ross Jones said that although the legislation is yet to be finalised, APRA is releasing the proposed final MySuper package to give industry as much certainty as possible about the process for the authorisation of MySuper products. Note that the first tranche of legislation, the Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011, passed the House of Reps with amendments which deferred to 1 January 2014 (from 1 October 2013) the date from which an employer must make contributions to a MySuper product for employees that do not have a chosen fund.
APRA also released the proposed final application form and instructions for authorisation to offer an eligible rollover fund (ERF). The authorisation process for RSE licensees to offer an ERF is expected to commence from 1 January 2013.
Source: APRA media release No 12.24, 3 October 2012
[LTN 192, 4/10]