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Article | Super Update

Super Update - Member outcomes in APRA spotlight

November 16, 2022

Superannuation fund trustees will need to address a raft of proposed changes coming to member outcomes requirements

APRA has proposed a significant number of changes to the member outcomes requirements. Alongside the other upcoming regulatory changes around accountability and remuneration, resilience and investment governance, and APRA’s ongoing data transformation project, the depth of many trustees’ resources will be challenged by the amount of change on the horizon.

This Super Update outlines APRA’s proposed changes, released in a discussion paper on SPS 515 Strategic planning and member outcomes, including strengthened requirements around the use of cohorts, increased trustee oversight of financial projections and ensuring timely action is taken to address underperformance.

We also look at a flurry of other APRA consultation and discussion papers, including a new cross-industry prudential standard CPS 230 Operational risk management, and two draft prudential practice guides – CPG 190 Financial contingency planning and CPG 900 Resolution planning.

Our legislative update covers a number of bills currently before the Parliament, and various Treasury and APRA initiatives, including a delay in APRA’s formal consultation on Phase 2 of its data transformation project to February 2023.

Our news in brief looks at the performance test results, regulators’ priorities for superannuation, a new ASIC Regulatory Guide on consumer remediation and its review of target market determinations. There are also the latest APRA super performance and quarterly statistical publications, along with our handy guide to key changes.

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