The Australian Prudential Regulation Authority (APRA) has released proposed final details regarding the authorisation of MySuper products ahead of legislation for the low-cost superannuation passing through Parliament.
Yesterday, the prudential regulator delivered its MySuper package containing the proposed final application form and instructions for MySuper products and a prudential standard on transition.
APRA deputy chairman Ross Jones said that although the legislation was yet to be finalised, the regulator released the final MySuper package to give industry “as much certainty as possible about the process for the authorisation of MySuper products”.
The package also included APRA’s response to submissions received on the draft prudential standard, application form and instructions that were released earlier this year.
The proposed final Prudential Standard SPS 410 MySuper Transition set out requirements for the movement of accrued default amounts into a suitable MySuper product before 1 July 2017, the prudential regulator said in a statement.
The 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 could offer these products from 1 July 2013 onwards, it said.
The proposed MySuper authorisation package can be found on here.
