Strengthening Outcomes for Superannuation Members

On 12 December 2018, APRA released a package of new and enhanced prudential requirements designed to ensure more robust measures are put in place by RSE Licensees for the oversight and delivery of quality outcomes for superannuation members.

The ‘Outcomes Assessment’ requires trustees to annually benchmark and evaluate their performance in delivering ‘sound, value for money outcomes to all members, including both MySuper and choice products‘.

In addition to the Outcomes Assessment, APRA will requires RSE Licensees to strengthen requirements for strategic and business planning including oversight of fund expenditure and reserves. These new requirements are set out in SPS515 Strategic Planning and Member Outcomes.

The commencement date for the new measures is set as 1 January 2020.

https://www.apra.gov.au/strengthening-superannuation-member-outcomes

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