POWERED BY MOMENTUM MEDIA
APRA opens door for MySuper cost-benefit analysis
Superannuation funds will have an opportunity to define both the costs and benefits of the Federal Government's move to the new MySuper regime under arrangements outlined by the Australian Prudential Regulation Authority (APRA).
APRA today released a discussion paper on the proposed arrangements for the authorisation of MySuper products and made clear that the costs and benefits of the process were part and parcel of the consultation arrangements.
It said that respondents were open to provide an assessment of the impact of the proposed changes, and specifically, any marginal compliance costs that APRA-regulated entities are likely to face.
"Given that APRA's proposed requirements may impose some compliance costs, respondents may also indicate whether there are any other relevant regulations that should be improved or removed to reduce compliance costs," the discussion paper said.
Commenting on the release of the discussion paper today, APRA deputy chairman, Ross Jones said the proposed authorisation requirements had been carefully aligned with the legislative requirements.
He said the regulator was encouraging Registrable Superannuation Entities (RSEs) considering offering a MySuper product to use the draft application form and instructions in discussions with their board on their plans.
Recommended for you
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
