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Retirement income covenant position paper, APRA thematic reviews and access to superannuation for victims of crime

Super Update

July 25, 2018
| Australia

The government’s retirement income covenant position paper, released in May, headlines this edition of Super Update.

The paper forms the first phase of the government’s overall retirement income framework. The proposed covenant will require trustees to develop a retirement income strategy that will have to focus on the collective needs of members. With a few limited exceptions, all funds will also be required to offer members a comprehensive income product for retirement (CIPR).

APRA thematic reviews – governance practices and related party arrangements

Also in this issue, we look at the results of two thematic reviews released by APRA during May 2018.

The first examined how well trustees were meeting the requirements of Prudential Standard SPS 510 Governance. The review focused on board composition, board appointment and renewal, and approaches to board performance assessments. A number of areas for improvement were identified. APRA’s second thematic review examined the management of related party arrangements. Among a number of areas of improvement, APRA suggested including measurable performance indicators in related party contracts.

In our news-in-brief, we touch on information published by the ATO on the Budget SG and higher income earners measure, access to superannuation for victims of crime and APRA’s post-implementation review of the prudential framework.

As usual, we include detail on the latest APRA superannuation statistical publications and our handy guide to key changes to superannuation and their effective dates.

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