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APRA says super funds must put members first
The Australian Prudential Regulation Authority (APRA) has released new requirements to help ensure super funds deliver value for money to their members.
Under the new Prudential Standard SPS 515 Strategic Planning and Member Outcomes, registrable superannuation entity (RSE) licensees will need to annually benchmark and evaluate the performance of super funds, to ensure they’re delivering quality outcomes to all members, including MySuper and choice products.
APRA deputy chairman, Helen Rowell, said that sound and prudent management of the $1.8 trillion APRA-regulated segment of the superannuation industry includes ensuring that super companies put their members’ interests first:
“These new policy proposals address weaknesses in the current superannuation regulatory framework and would greatly assist APRA in driving the superannuation industry towards addressing underperformance and improving member outcomes.”
The new measures are set to commence 1 January 2020, so the industry has enough time to meet the new requirements.
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This article is over two years old, last updated on December 13, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent superannuation articles.
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Product database updated 26 Nov, 2024
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Promoted superannuation
Lifecycle Age 47 & under
- Promoted
- Retail
- Life insurance
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- Income protection insurance
Annual fee at $50k balance
$280
1yr return
19.2%
Lifecycle Investment - High Growth
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- Industry
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$507
1yr return
14.7%
High Growth (Lifecycle investment)
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Annual fee at $50k balance
$457
1yr return
15.4%
AMP MySuper 1990s Plus
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Annual fee at $50k balance
$471
1yr return
16.5%
Product data updated on 26 Nov 2024
