APRA on Wed 10.10.2012, released a consultation letter and Draft Prudential Practice Guide SPG 410 MySuper Transition (SPG 410) to provide guidance to registrable superannuation entities (RSE) licensees on the requirements set out in proposed Superannuation Prudential Standard SPS 410 (previously released on 3 October 2012). Subject to the passage of the MySuper legislation, APRA said it expects to release the final MySuper authorisation form, related instructions and SPS 410 by the end of November 2012.
Draft Prudential Practice Guide SPG 410 provides guidance on the key requirements in SPS 410 for an RSE licensee to identify any “accrued default amount” within each RSE within its business operations and, for each affected RSE, prepare, regularly review, and implement a transition plan. RSE licensees will also be required to provide a copy of a transition plan to APRA with each application for MySuper authorisation. By no later than 30 June 2016, an RSE licensee must identify a suitable MySuper product for fund members with an accrued default amount and the action to be taken as part of the process of moving the accrued default amount into a MySuper product.
SUBMISSIONS on SPG 410 are due to APRA by 9 November 2012.
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