Significant changes to APRA Member Outcomes requirements

Super Update

January 30, 2019
| Australia

APRA has issued its much-awaited Member Outcomes prudential materials and there are some significant changes among the final requirements.

The regulator has noted that a “set and forget” or wholly compliance-focused approach to Member Outcomes will not be seen as sufficient.

This Super Update provides a brief summary of the substantial APRA package, that targets business planning and assessing Member Outcomes through a new Prudential Standard and prudential practice guides.

We also cover look at post retirement developments – means test rules for pooled lifetime income stream products have been introduced to parliament, and consultation started on retirement income disclosure requirements.

Our news in brief covers new prudential standard CPS 234 Information security, consultation on changes to early release rules, the deferral of section 29QC, extension of disclosure relief on fees and costs, plus the Productivity Commission super review final report.

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