APRA releases second set of final prudential practice guides (PPGs) for superannuation

The Australian Prudential Regulation Authority (APRA) has today released eight final prudential practice guides (PPGs) for the superannuation industry together with a response paper, Second set of prudential practice guides for superannuation.

PPGs provide guidance on APRA’s view of sound practice in particular areas that may assist a registrable superannuation entity (RSE) licensee in meeting the requirements in APRA’s prudential standards. APRA is releasing this second set of eight PPGs as part of its ongoing work to support the implementation of prudential standards for superannuation and update a broad range of existing superannuation guidance material. The PPGs cover defined benefit matters, contributions and payments, investment risk management and remuneration.

APRA consulted in May 2013 on draft versions of the PPGs it has released today. The response paper outlines the key issues raised in the seven submissions received and how they have been addressed in the final PPGs, where appropriate. The eight superannuation PPGs are:
New PPGs:

  • Prudential Practice Guide SPG 160 Defined Benefit Matters
  • Prudential Practice Guide SPG 222 Management of Reserves
  • Prudential Practice Guide SPG 511 Remuneration
  • Prudential Practice Guide SPG 530 Investment Governance
  • Prudential Practice Guide SPG 531 Valuation

Updates to existing superannuation PPGs:

  • Prudential Practice Guide SPG 221 Adequacy of Resources
  • Prudential Practice Guide SPG 270 Contribution and Benefit Accrual Standards
  • Prudential Practice Guide SPG 280 Payment Standards

A final remaining PPG, Prudential Practice Guide SPG 310 Audit and Related Matters, will be released before the end of 2013.

The PPGs can be found on the APRA website at:
www.apra.gov.au/Super/PrudentialFramework/Pages/superannuation-ppgs.aspx

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